Manhattan property boom alerts investors

Published on October 19, 2011 by R Marday · No Comments

Residential property prices in Manhattan have been boosted by a significant rise in overseas house buyers within the area, according to the latest research.

Have you considered purchasing high-end property in the United States?

However, the state of the US mortgage market is still difficult to analyse. This is due to the fact that the majority of overseas buyers favour paying in cash or using money from their own countries.

A recent study found that US vacancy rates actually plummeted to a five-year low of 5.6% during the last quarter (July to September).

The survey was carried out by Reis, a commercial real estate performance information service, and went on to suggest that the rents had increased due to the sheer lack of space in the area.

Alongside this, property value has increased to the point where it is not far from pre-recession levels.

Many experts have pointed to the recent surge in interest regarding luxury properties specifically; this is believed to have been the catalyst in the latest rise.

Outside of New York, Orlando has also been nominated as an attractive area to potentially invest in property.

You can pick up a five-bedroom, 10 reception-room house at Kissimmee, near Disneyworld for less than £100k.

This may only appeal to a certain high end section of the property investment market, but if you are able to make the initial investment the potential for making money later on is obvious.

The unique listing service also means that searching for potential investment bargains is not as laborious or complex as it is in most countries.

Transferring money to the United States

If you are looking to invest in the United States, think carefully about how you will be transferring money to the United States. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to the United States – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you carry out your overseas currency transfer.