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NYC property: Facts and figures

NYC property: Facts and figures

Thinking of buying NYC Property? Knowing a bit about mortgage loans and taxes will help you make good investment choices.

Getting a Mortgage Loan

While mortgage loan financing is available for foreign purchasers and can be obtained either through a US or non-US bank (a 2% mortgage tax applies if the mortgage is through a US bank), lenders have notably tightened credit criteria in the wake of the credit crisis and will require a down payment of around 40% from a foreign buyer. It is important to become prequalified for a mortgage before beginning your property search.

Taxes Complicated Affair

Some NYC buildings have tax abatements where taxes were reduced for a certain period of time as an incentive to spur development. Generally, however, New York City transfer taxes are 1% of the purchase price for properties less than $500 000 (R5,36 million) and 1,45% for properties equal to or over $500 000. If the property is over $1 million (R10,7 million), a 1% Mansion Tax must be paid.

NYC Property in Numbers

1 443 753 – Average sales price in US dollars (approximately R15,5 million)
106 – Average price in US dollars per square metre (R1 137)
12,3 – Percentage fall in number of property listings from 2012 (a 14-year low) 21,2 Percentage increase in sales from 2012 (the second highest number of sales in 25 years)

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Text: Jocelyn Warrington and Juliet King
Photographs: Supplied

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