New York real estate welcomes foreign buyers with a wealth of opportunities and countless chances for diversification. With the citys 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, buyers agents can help foreign investors locate and utilize market values through analysis of the current investment market. The NYC real estate market is friendly to foreign buyers and New York condominiums are the popular choice of international investors.
Top 5 Reasons for Foreign Investment in NYC
1. High-End Development
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 for foreign buyers to get a mortgage and purchase New York properties. 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.
3. Attractive Market
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.
4. Zero Brokerage Fees
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.
5. Buyers Agents
Buyers agents are a foreign buyers best friend because they work for the buyer. Without exception, a foreign buyer needs an experienced broker. Buyers agents have complete access to New York properties and they provide unbiased advice, feasibility reports, and a comparable market analysis. Real estate brokers can connect foreign buyers with trained professionals such as attorneys, appraisers, and accountants. Foreign buyers need the help of tax experts to advise them about US tax regulations.
An increasing number of foreign buyers are investing in New York property. Getting a piece of the Big Apple can be a reality for any foreign buyer. Invest in New York real estate today!