NEW YORK, March 23, 2015 / PRNewswire — /NYR.com/ “Given the high level of protection for investors, New York City is definitely one of the safest real estate markets in the world,” says Aurora Azar, one of the few Arabic-speaking real estate brokers in Manhattan.
The legal framework for an apartment purchase is highly regulated and in favor of the buyer – New York City is big on consumer protection. Property is generally sold as freehold. And an international investor enjoys the same legal protection as a local buyer.
The purchase of apartments in new buildings still under construction, “off-plan”, can be particularly profitable. The Attorney General has to approve all documents related to offering and selling apartments before a new property can be sold. Even brokers need special licenses. And it always helps to work with the best.
New York Residence Inc. (NYR.com) is one of the city’s leading brokerage and property advisory firms, specialized in assisting international investors. “In particular in a new building, local knowledge is essential,” knows Azar, “since the best profit comes from the most desirable units.” A developer must sell all apartments, so sometimes less desirable apartments are sold to overseas buyers. Not with New York Residence, however: “We are a buyer’s eyes and ears in New York and work in the clients’ best interest only,” says Azar, “and on top of that, we do not charge any broker fees to buyers in new residential projects.”
At New York Residence, Aurora Azar helps clients to manage the entire cycle of ownership – selecting the right apartment, finding tenants and selling at the right time.
Vacancy rates in Manhattan are extremely low – less than 2.5% on average, and unlike in the UAE, no rent caps exist: There is no limit how much rent an apartment owner can charge; rents follow supply and demand and are entirely market-driven.
New York Residence participates at the International Property Show in Dubai from March 30 to April 1 at the Dubai World Trade Center. Interested investors are welcome to discuss purchase opportunities in New York with Aurora Azar ([email protected]) and her colleagues Neil Foresto ([email protected]) and Thomas Guss ([email protected]). An opportunity to find out more about one of the world’s most rewarding real estate markets…
New York Residence Inc.
+1.212.360.7000 ext. 103