Why Foreign Buyers Invest in New York Real Estate

Article Written By: Elika Gea

New York real estate welcomes foreign buyers with a wealth of opportunities and countless chances for diversification. With the city's limited landmass and population growth as well as its global significance and innovative high-end condominium development, New York real estate is in high demand by national and international buyers.

Within this competitive buying market, buyer's agents can help foreign investors locate and utilize market values through analysis of the current investment market.

Median prices in Manhattan are expected to rise by 10-20% during the next five years and investors can make between 20-100% profit. Offering a luxurious lifestyle, the latest high-end New York condominiums are the perfect choice for foreign buyers. Condominiums come with fewer restrictions for buying and selling and condos require smaller down payments. A 10% deposit is a standard requirement and foreign buyers are advised to open a US bank account or transfer funds to an attorney's escrow account.

Most US banks accommodate international investors and make it easy to get a mortgage. Foreign buyers can finance between 65% and 75% of loans up to $1,000,000 and 60% of loans between $1,000,000 and $2,000,000. International buyers must provide documentation including proper Visa or foreign passport copy and credit references as well as verification of rent/mortgage payments and proof of employment.

The undeniable appeal of New York City always attracts foreign buyers. In addition, investing in NYC property makes financial sense. For foreign buyers with strong currencies, purchasing New York property is a profitable move. Even the New York resale market is experiencing growth in recent years. Often new construction offers the benefit of tax abatements. Real estate brokers can update international buyers on the tax status of any New York building.

Foreign buyers do not pay brokerage fees in New York City. Generally, the seller pays the brokerage fee which is divided between the brokers for the buyer and seller. With zero fees for broker services, every foreign buyer can get maximum protection and the best advantage.

Buyer's agents are a foreign buyer's best friend because they work for the buyer. Without exception, a foreign buyer needs an experienced broker. They have complete access to New York properties and they provide unbiased advice, feasibility reports, and a comparable market analysis.

About the Author

Gea Elika - New York City Apartments.
Find more information about New York Apartments here.

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