Average condominium price tops 1-million dollars in New York

dpa German Press Agency
Published: Wednesday January 3, 2007

New York- Owning an apartment is growing increasingly difficult for the majority of New York's 8 million residents, according to real estate data released Wednesday. The average price of a condominium in Manhattan rose 5 per cent in the last quarter of 2006 to 1.14 million dollars. The price per square metre rose 7 per cent to 10,000 dollars.

A four-bedroom condominium in a good neighbourhood can cost 3.8 million dollars or more, and a five-bedroom apartment on the west side of the island can set buyers back 5.7 million dollars.

© 2006 dpa German Press Agency