Think fast for New York property investment

With the pound still strong against the dollar (for the moment) - is now the time to get footloose in New York New York? Home to some of the largest and most influential companies, New York has been described as the business capital of the world. The city’s business friendly and cosmopolitan reputation continues to grow, as excellent transport links endorse its popularity with commuters and residents alike. Investors will be pleased to note that the city is also hugely popular with tourists – over 43.8 million visited the city in 2006 alone – a figure that continues to rise year on year. New York’s hugely diverse and creative society ensures a constant demand for new and modern property which is great news for investors looking to make a buck or two in the long term.

Despite New York’s potential, US markets are far from stable and, as Bloomberg reports, over the last few years the US property market has experienced a considerable slow down, resulting in the lowest house prices in a long time. The US Government’s dramatic slash of interest rates means that it is currently cheap to borrow in the US and with the pound holding out over the US dollar at present, UK investors can get much more for their money and are able to buy in the more sought after areas.

For many, buying into the US is not likely to herald fantastic short term benefits; however there could be some excellent deals for hard negotiators investing for the long term. Investors will need to think fast, as the London stock markets dropped for two days in a row at the beginning of this week, and many commentators are suggesting the UK’s economy may also take a tumble this year. With reports screaming recession, there may only be a short gap for investors with an appetite for risk. One thing is for sure - it is important to do your research.