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Who are the biggest buyers of Manhattan real estate? Canadians. 

New York/Sept.29,2015- According to a Real Capital Analytics report, Canadians are the biggest buyers of real estate in New York’s Manhattan area. The report says that Canadian invested $3.85 billions in Manhattan properties in 2015.

The main investors from the country are real estate arms of pension funds such as the Canada Pension Plan Investment Board, Caisse de dépôt et placement du Québec and the Ontario Municipal Employees Retirement System. Canada’s pension plans have large pools of capital and are looking for long-term investments that have potential for stable return, either from operating income or from capital growth. Ivanhoe Cambridge Inc., the real estate arm of the Caisse, owns about $7 billion in U.S. properties, including iconic buildings such as the headquarters for Robert Murdoch’s 21st Century Fox.

Media reports say that Canadian companies are also involved in developing Manhattan properties. Oxford Properties Group Inc., a unit of OMERS, is part of a group behind an ambitious redevelopment on the New York waterfront. United Arab Emirates, China and Israel have been other biggest investors in Manhattan over the last decades.

Norway’s sovereign-wealth fund, which owns $4.9 billion US in property, and the Qatar Investment Authority, which owns $4.5 billion US, have also bought into real estate. Since hitting a low in 2010 in the wake of the financial crisis, U.S. commercial property has more than doubled in price.

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