Metro

Price is right for foreigners

Despite chaos in financial markets and tight credit, sales of Manhattan apartments are way up — thanks to foreigners.

There were 3,106 sales in the third quarter of the year — a solid increase of 17.2 percent over the previous three months.

That’s also up 16.7 percent compared with the third quarter of 2010, according to Prudential Douglas Elliman’s report. It was the highest level of sales in four years.

“A lot of that has to do with the weak dollar and foreign buyers buying condominiums,” said Jonathan Miller, of Miller Samuel Inc., who prepared the report.

Condo sales were up 33.4 percent, to 1,317 units sold, compared with the same period last year, according to the report.

Market experts agree that in a time of financial uncertainty — with even gold dipping in price — Manhattan real estate looks solid and attractive to Europeans, Asians and South Americans.

“We have that perception of being a safe haven,” said Gregory Heym, chief economist of Halstead Property.

“The dollar is cheap. They can get more for their money. And there’s a great deal of confidence in New York,” said Hall Willkie, president of Brown Stevens Harris Residential Sales.

Manhattan loft sales were also up in the last three months — 38.9 percent compared with last year.

The number of co-op sales, on the other hand, was virtually unchanged — 1,317 in the last quarter compared with 1,320 in the same period last year.

Prices, meanwhile, have barely budged. For example, the average Manhattan condo sale price was $1,756,744, an increase of 2 percent from a year ago.

The average co-op price was $1,180,442, also up 2 percent, according to Brown Harris Stevens. And prices for one-bedroom apartments showed little change regardless of neighborhood.

“This summer, with the debt ceiling debate, the hurricane, the S&P downgrade, and the roiling of financial markets across the globe, housing prices in Manhattan were relatively stable,” said Miller.