WORLD PROPERTY CHANNEL ®

South Americans are replacing Middle East investors and Russian oligarchs as key real estate buyers in New York City, agents say.

International buyers usually account for anywhere from 10 to 15 percent of property buyers in the city, which attracts a global array of investors and second-home buyers. Even through the economic struggles of the last 18 months, Realtors reported a steady stream of international clients looking for bargains.

But the buyers have changed in recent months, a New York Times article suggests.

"Foreigners are once again buying in Manhattan, energizing the still-fragile market. In recent months, according to brokers and developers, the money has been just as likely to come from South America or Mexico as Europe or the Middle East."

The article doesn't offer any data, but it certainly reflects what agents in New York and around the country report. While hardly new to the scene, Latin American buyers are far more common these days and far more likely to pull the trigger than former buyers from other countries, they say.

Buyers are less interested in short term investments these days and tend to use more cash in purchases, Daniela Sassoun, a Corcoran associate broker specializing in South America, told the paper.

"Nervousness over the political situation at home can also translate into a New York apartment," the Times quips.

"We see a lot of capital flight, especially from Venezuela," Prodigy Network v.p. Amy Williamson told the paper. "People are terrified of losing their savings."

The global buyers are certainly having an impact. A new building called Centurion, with apartments priced between $2 million and $13 million, sold nearly half of the 48 units to international buyers, the Times reports.

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