With Europe in turmoil, the affluent French, British and their continental neighbors are flying to buy one of the world's most stable investments: Manhattan real estate.
"With the island's limited supply and international prestige, New York's condo values -- underpinned by the strong U.S. currency -- are expected to increase, allowing the foreign buyer to use cash to generate returns with a resale and avoid high taxes at home.
"The election of French socialist party candidate François Hollande has been an additional worry in Paris and beyond. Hollande favors a tax rate of 75 percent on those earning more than 1 million euros ($1.24 million) per year, including capital gains. And his potential differences with German chancellor Angela Merkel could led to further breakdowns in euro zone talks and more delays in solving the problem. ..."
[What does big money know?]