It is not that real estate is expensive in NYC but it is because of the current economic status of the city and the value itself. Let us see below.
#1. NYC has attracted investors from across the globe
Being one the major cities in the US, NYC has been a major dream for many noble people to own businesses. Today it is one of the leading commercial cities in the world because of its economic and industrial growth. It is the hub of businesses and you there expect only the noble people to live here. Land is expensive because many people are living there and land is scarce. This is the catalyst for the expensive houses in the city. So if one says that they are overpriced, that is not the best word because the resources are the ones that have brought the figures to be up.
#2. Quality of the property
This is a place where only qualified developers are allowed to construct and plan for houses. The authorities have tried their level best to ensure that all the property in this city obeys the set protocols to ensure that it is safe for people to live in. To ensure that you have the perfect place to live in, the government itself must sign documents before anything is done. This has propelled for durable and high quality materials which can only be built after people spend a lot of money.
#3. Ready in all aspects
You buy and start using. This is not the kind of property that you by then you start going through a lot of process to have complete ownership. Here everything has been done and you just need to move in and start using your property.