New York property market 'favours buyers'

It is currently a good time to purchase property in New York, the tourism board for the US city has stated.

NYC & Company said that the number of Britons looking to live or work in the Big Apple is on the increase and the property market in the city, as with many areas in the US, means conditions currently favour buyers looking to make a purchase.

"It is a good time to buy as property prices are significantly lower than they were 12 to 18 months ago," communications director for NYC & Company Jonathan Sloane explained.

Such news may be welcomed by UK investors looking to purchase property overseas, as New York city may now become a viable option for those looking to buy homes in the US.

And many real estate investors seem to already be expressing their interest in US cities, as a recent report by the Association of Foreign Investors in Real Estate revealed that members of the body are intending to increase their activity in the country by 73 per cent during 2009.

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