The real heart of New York is in its energy and the buzz of the people. New Yorkers are fast talking, passionate and wise cracking who care little for the fact that you may not be quite up-to-speed with their pace of life. It is sink or swim time in ‘the city that never sleeps’ and to survive you have to ride the wave. Granted, it’s not for the faint-hearted but if you like living life a little bit on the edge you’ll be swept away by New York.

Naturally, for the ‘centre of the universe’ property prices are not cheap, but real estate, as our cousins across the pond call property, rarely loses value. “The New York City property market is not unlike that in London, where prices have increased dramatically over a relatively short period,” says Roy Bristow, marketing director of www.newskys.co.uk. “And now is a great time to buy.”

“There are a number of good investment areas: anything on Central Park (or, more importantly, with protected park views) is likely to be a very good investment, though the purchase price is going to reflect that; midtown west; Inwood; and the Financial District are likely to be good bets. Harlem and parts of Brooklyn are riskier, but potentially offer greater upside. It is a classic risk/reward consideration.”

In such an expensive city, renting is often the only way many can afford to live in NYC. “New York is for the most part a city of renters – about 65% of residents rent,” says Levy. “The reasons why include the high price of purchasing and NYC’s transitory nature. For foreigners, who may expect to be in New York for only a year or two, it is usually wiser (and easier) to rent as opposed to purchase.”

New York is not only about business, though. There’s a huge artistic buzz about the city, with many ‘creatives’ living across the East River from Manhattan in Brooklyn. Here, property prices are a fraction of what you’ll pay in Manhattan. It’s wholly possible to buy an apartment in a ‘co-op’ for around $200,000 (£105,000).

“Although unheard of in the UK, co-op’s are popular in NYC,” says Bristow. “A co-op is a residential property owned and managed by a corporation. Buying an apartment in a co-op means you are purchasing shares in a corporation rather than actual real estate. The purchase gives you the exclusive right to live in a given unit to which those shares are assigned and sell them on in due course.”

Purchasing in a co-op (be aware non-national restrictions vary from building to building and often are dependent upon visa status) is often the only way to get a foot on New York City’s high-priced property ladder – and despite an unprecedented series of interest rate rises wrought to cool the market, it shows only moderate sign of slowing.

“The market is generally strong, though not nearly as active as this time last year,” says Levy. “Good properties (i.e. well located, appropriately priced apartments in good condition in desirable buildings) are selling and often selling rather quickly. However, mediocre apartments in secondary locations (or apartments that are simply mispriced) are not selling well, particularly in the middle segments of the market.”

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