Investing in NYC Apartments: What International Buyers Should Know

FEBRUARY 10, 2012

International buyers are big in New York City real estate. NYC condos for international buyers

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.

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Investing in NYC Apartments: What International Buyers Should Know

FEBRUARY 10, 2012

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