Investing in NYC Apartments: What International Buyers Should Know

FEBRUARY 10, 2012

International buyers are big in New York City real estate.  

Recent reports show that international buyers now account for 15% of all residential real estate purchased in New York City. In 2011, they reportedly spent a collective $41 billion on properties--including the $48 million that was paid for a 6,000 square-foot condo at The Plaza on Fifth Avenue. The city’s real estate market is attractive due to the long-term value of its residential properties, as well as today's unstable investment markets.

Some important information for international buyers:
--Condominiums are the most popular apartment types for international buyers, since the buying process is less rigorous than it is for buying co-ops. Condos also have fewer restrictions and they tend to be easier to sell. (More details on buying a NYC condo or co-op here.)
--Most international buyers can obtain real estate mortgages at U.S. banks, though credit requirements many be tighter and down payments higher.
--When looking for an apartment in New York City, you don’t need to call multiple real estate agents—one agent can show you any and all properties on the market.
--A buyer pays no additional commission when using a buyer's broker, and since such a broker works only on the buyer's behalf, international buyers should consider using a buyer's broker.

For more information on buying a New York City apartment, or to get matched with a buyer's broker experienced in working with international buyers, contact your CityRealty representative or call 212-755-5544 or email contact@cityrealty.com.