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GLOB
PROPER
GUI
US: On the long road
to recovery
[RESIDENTIAL BUYER'S G
Barbara March
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EDITOR'S FOREWOR
GLOBAL PROPERTY G
U.S.residential
property guide
Foreign interest in buying U.S. residential property is greater than eve
before. The recent housing crisis hasn't touched the perception that US is a safe-haven, a place to send children to college, a place to get jo
Residential housing in the U.S. is less costly than for nearly a decad
Price / Rent ratios are back to reasonable
The US become more affordable. Whether you are European, Asian
Canadian, or Brazilian, you've probably got personally richer over t
past decade, and in addition your currency has probably moved str
up, compared with the US$.
The U.S. economy is recovering. In the view of the Global Property Gu
given that U.S. interest rates are likely to rise, it will take a while yet fo
housing markets to move up. But the signs of recovery are there - so,
things considered, now is probably a good time to buy as any.
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The U.S.residential
property guide
INTRODUCTION
CURRENT PROPERTYPRICE PERFORMANCE
TRANSACTION COSTS
FOREIGN BUYER
MARKET
PROFILE
THE RENTAL MARKET
TAXATION
LANDLORD & TENANT
WHERE TO BUY IN
Doing big things
The state of the Union
House price changes
A problem of undersupply
and underdemand?
A small rise in GDP
A slight dip in unemployment
A small gain in wages
International interest growing
Hot spots
Round-trip costs
Choosing the U.S.
Financing for foreigners
Foreign buyer profiles
The dollar's value matters
Is the US market 'well valued'?
U.S. tenant profile
International renters
Sq m price and rental yields
Property taxes
Rental income taxes
Bush tax cuts remain
Federal and state income taxesInheritance and estate taxes
Residents
Capital gains taxes
Residential landlord and tenant
New York City
Miami
Contents
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Introduction The U.S.: Doing big things"We do big things," said President Obama during his State of the Unio
speech on January 25, 2011, quoting one of the rescuers who dug outtrapped Chilean miners. The government is going to have some diggin
its own to get the U.S. property market out of the hole it has fallen int
2010 was the worst year for new home sales since 1963. House prices
dipped to record lows. Reversing the housing market's situation has to
one of the "big things" the U.S. should attend to as its economy slowly
gradually recovers.
The state of the Union
Federal Reserve Chairman Ben Bernanke recently issued an optimistic
statement that there was "increased evidence" of this economic recov
even if GDP growth falls slightly below economists' expectations.
GDP rose 3.2% at the end of the 2010 - the sixth quarter of growth in a
for a total growth of 2.9% for all of 2010. Personal consumption increa
at a 2.6% annual rate. In September, inflation rose 1.2% year-on-year,
smallest hike since September 2001. Economists forecast that GDP wil
2.2% in the first quarter of 2011 and 2.5% in the second quarter. Howeunemployment is still high at 9.4%, and house prices are down across
country.
More foreigners are buying in the U.S.
The U.S. is a buyers' market for international investors right now; mor
foreigners are buying property in the U.S. this year than in the past tw
for many reasons, including the anticipation that better days are ahea
the U.S. housing market. In its recently published report, the NationalAssociation of Realtors identified the four biggest U.S. markets for fore
investors: Florida, California, Arizona, and Texas. Purchases in these s
make up a little over half of all the real estate sales to foreign buyers i
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Currentproperty priceperformance
House prices still heading down
According to the S&P/Case-Shiller Home Price Indices, using data thro
August 2010, house prices fell in 15 of the 20 cities in its study. The oncities in the study that saw some improvement in home prices were C
Detroit, Las Vegas, New York and Washington D.C.
According to the Federal Housing Finance Agency (FHFA), house prices
1.6% in the third quarter from the second quarter. The states that exp
the biggest drop in prices (4%) were the Mountain States.
Demand still weak
In December 2010, new home sales jumped by a surprising 17.5% from
month earlier, eclipsing the 3% that experts had predicted. It was quic
noted, though, that most of the sales were on the west coast, where a
looming tax credit deadline in California may have spurred the wave o
purchases.
Only 321,000 new homes were sold in all of 2010, 14.2% down from 2
total, and the smallest number of homes bought since 1963. With hou
prices down across the board in 2010, it was a buyer's market in the U
- but few were actually buying.
New Single Family Houses Sold (1,00
Source: U.S. Census Bureau
0
300
600
900
1,2
1,5
'10'09'08'07'06'05'04'03'02'01'00
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Currentproperty priceperformance
Some now claim there's undersupply
There was a construction boom during the property bubble of the mid
and when the housing market went into decline after 2005, constructideclined-to the extent that some parts of the market may actually be
underbuilt, according to the National Association of Home Builders (N
whose perspective may not of course be entirely objective. In 2009, th
was a single-family housing deficit of 2.17 million units, again accordin
the NAHB, which estimates that by the end of 2010, the deficit will gro
3.28 million units.
The locations which rose the most, have fallen the most
There's a strong contrast between Dallas, Denver, and New York (relat
unaffected by the boom and bust) and places which caught the boom
Phoenix and Miami).
House Price Change by Region (%)
Source: S & P Case - Shiller
Phoenix Los Angeles Denver Miami New York Dal
-40
-30
-20
-10
0
10
20
30
40
50
'10'09'08'07'06'05'04'03'02'01'00
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Currentproperty priceperformance
Economic recovery in the US
There's been a recovery in GDP, which grew 2.6% in the third quarter o
2010 (and 3.1% year-on-year) and 3.2% in the fourth quarter-marking
quarters of growth in a year, but less than the average quarterly 3.31%
growth the U.S. has enjoyed since 1947. Overall, GDP grew by 2.9% in
2010 as exports of goods and services grew by 8.5% in the fourth quar
and imports shrank by 13.6%.
Jobs returning
But despite GDP's slight growth, unemployment continues high. Begin
at 5.0% in January 2008, it rose steadily until it hit 10.10% in October 2
(close to the all-time post-war high of 10.80% in November 1982). Sinc
beginning of 2010, unemployment has hovered just below 10%, settlin
down to 8.90% at the beginning of 2010. But this still means a lot of p
are under financial strain - not good for the housing market.
Wages gains have been minimal
The average weekly salary in the third quarter of 2010 was up 0.3% ov
same period the year before, at $740. In the fourth quarter of 2010, b
wages and benefits rose by 0.40%. Women had median weekly earnin
$662, men $813. There are 101.4 million full-time wage earners in the
Price / Rent ratio returning to normal
A very optimistic signal for the US market is that Price / Rent ratios are
returning to their long-term normal levels. This suggests that after a pof overvaluation, the US housing market is returning to 'fairly valued'
House Price vs. Rent
Source: U.S. Census Bureau
Median rent Median house price
50
100
150
200
250
300
'10'09'08'07'06'05'04'03'02'01'00'99'98'97'96'95
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Currentproperty priceperformance
International interest growing
There was one sector that actually increased its property purchases in
foreign buyers. Realtors reported an increase in international interest U.S. market and a rise in home sales to foreigners as well. Foreign buy
have become the driving force in hot spots like Miami, where they hav
been investing in real estate to rent out until house prices rise high en
that they can profit from the sale of their property.
Hot spots
Sales in four states - accounted
for 53% total sales to foreigners:
Florida (22%)
California (12%)
Arizona (11%)
Texas (7%)
Other states with sizeable
international buyer purcha
Georgia (5%)
New York (4%)
Nevada (3%).
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Transactioncosts
Transaction costs
When buying a house, the buying process is itself a major expense. Lo
the total cost of both buying and selling a property - what we call the'round-trip transaction cost', which includes all costs of buying and the
re-selling a property, including lawyers' fees, notaries' fees, registratio
agents' fees and taxes.
The current average round-trip transaction cost in the U.S. is approxim
9.07% of the property's value, which is rather high for a developed cou
principally due to high realtors' fees, supported in the US by a system
restrictive practices at odds with the US ideology of free markets and
competition.
Global Property Guide calculates the round-trip transaction costs by fo
the following assumptions:
The property is purchased by a non-resident foreigner in the count
where he/she is buying
The property is worth US$250,000
The property is paid in cash
The property is a condominium located in a major city
The property is not newly built
The property is bought from an individual and not a developer or r
estate holding company.
"9.07% rountrip transaction costs is typwhen buying property in the U.S."
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Transactioncosts
Transaction costs (cont.)
Transaction costs can be broken down into four major cost areas:
Registration costs - the fees and taxes incurred in registering the
property with the competent land cadastre or registry. These inclu
registration fees, stamp duties, and notary fees.
Real estate broker's fee - commissions are negotiable.
Lawyer's fee - the national average hourly billing rate is $284, thou
tends to be much lower in small towns and rural areas.
Sales and transfer taxes - imposed by local and national governmen
the sale and purchase of real estate. They include deed taxes and t
taxes.
Other incidental costs (survey fees, residency permit cost, or company
costs), are not included in our calculations.
Costs paid by buyers and sellers vary widely. Agents and lawyers costs
often negotiable. Buyers of expensive properties often pay proportion
lower agents fees.
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Foreign buyers Choosing the U.S.The biggest reasons international clients choose the U.S. are its desira
a location, and a U.S. property's being a profitable and secure investm
The median price paid by international buyers was $219,400, highe
than the overall median price of $173,000 for existing homes. (Apr
April 2010).
About 50% bought their homes for use as their primary residences
bought them as vacation homes, 14% were buy-to-let purchases, t
were a combination of the latter two.
Two-thirds of foreign purchases consisted of detached single-familhomes. A quarter purchased a condominium or apartment, 8% pur
a townhouse or row house, and 3% bought commercial property.
Fifty percent bought their homes in a suburban area. As for the res
about a quarter bought homes in the city/urban areas, 14% in reso
areas, and 9% in small towns and rural areas.
Forty-five percent of home purchases by foreign buyers were in the
South, particularly Florida and Texas, followed by the West (32%),
particularly in California and Arizona.
Financing for foreigners
There are no restrictions on foreigners' buying property in the United
However, foreign buyers do find it harder than residents to obtain loan
which to purchase property. Thirty-four percent of the realtors' intern
clients were not able to buy homes because they could not get financi
a result, 55% of foreign buyers paid for their purchases with cash, and
44% had mortgage financing - a sharp contrast to U.S. buyers, 92% of w
financed their homes with a mortgage.
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Foreign buyers Foreign buyer profilesThe National Association of Realtors recently published its 2010 NAR P
of International Home Buying Activity, based on a survey of realtors'experiences with international buyers.
Canadians. Mexicans and Chinese are big buyers
Canadians comprise a quarter of all foreign buyers; they, along with M
and Chinese, account for more than 40% of international buyers in the
International buyers come from all over the world: North America (35
Asia (28%), Europe (26%), Latin America (6%), Africa (4%) and Oceania
The NAR's Existing Home Sales information estimates that total reside
sales in the U.S. in the 12 months ending March 2010 amounted to $9
The NAR classifies foreign buyers into two types:
Type A - foreign investors with permanent residences outside the U.S.
interested in purchasing property in the U.S. 41% of all international c
fall into this category, or about 4.5% of all home sales.
Type B - clients who are recent immigrants or temporary visa holders i
U.S. looking for a permanent residence. 38% of all international clients
into this category. Type B buyers accounted for $25 billion, or about 3%
all home sales.
The remaining 21% of international clients are a combination of both t
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Foreign buyers
The dollar's value matters
The report also noted a correlation between the value of the U.S. dolla
U.S. house prices. When the dollar decreases in value, house prices go
as well. However the decline of the dollar generally makes U.S. proper
affordable for buyers in the Eurozone.
Realtors are divided, however, on the impact of the dollar's value on s
About 40% said that it has a moderate effect on sales, while 38% belie
that the effect is very significant. Twenty-one percent believe that sale
not much affected by the dollar's value relative to other currencies.
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Marketvaluation
Is the U.S. market 'well valued?'
The US housing boom was accompanied by increases in prices and by
decreases in rental returns (yields). The gross rental yield - the percenreturn to a typical landlord on rented housing - can be a powerful indi
of whether properties are well-valued or are too expensive. It's like th
price/earnings indicator for stocks.
Buyers, of course, often don't see it that way: they tend to feel there's
connection between the rental market and the buying market.
In fact there is a constant process of arbitrage between the two marke
and affordability tends to become strained as prices rise. Generally,
the Global Property Guide is skeptical about markets where gross rent
yields are below 5% or 4%, and whose prices are high by historical sta
Yields in the crisis hit areas are high
Two of the biggest property markets in the U.S. - both popular with fo
buyers - are Manhattan and Miami. In both the Florida and New York C
smallest and busiest borough, small apartments continue to be the m
lucrative:
Comparing Miami and New York:
Miami yields now high. 80 sq.m. condominiums and townhouses i
Miami (Aventura) have average gross rental yields of 9.84%, a notic
jump from the yield of 7.60% a similar-sized apartment in that area
in 2009, while
New York yields still moderate. 60 sq.m. apartments in Lower Man
have a more moderate yield of 5.44%-only a small change from 5.4
yield a similar-sized apartment in that area had last year.
This reflects the fact that prices have fallen much more in Miami th
New York - as they have in all the crisis-hit areas of the US.
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Marketvaluation
40 sq. m.60 sq. m.90 sq. m.
120 sq. m.200 sq. m.
60 sq. m.120 sq. m.200 sq. m.400 sq. m.
60 sq. m.
90 sq. m.120 sq. m.150 sq. m.180 sq. m.250 sq. m.400 sq. m.
80 sq. m.120 sq. m.160 sq. m.
200 sq. m.300 sq. m.500 sq. m.
COST () PRICE/SQ.
TOBUY
TOBUY
MONTHLYRENT
MOYIELD
(p.a.)
395,640669,360
1,075,5901,443,4803,474,200
712,2601,583,2803,079,6007,138,800
167,580
272,880567,960730,650904,500
1,542,2503,494,800
150,400269,640516,640648,400
1,092,3002,078,000
n.a.5.03%4.82%5.10%4.31%
5.44%4.97%4.40%4.36%
8.83%
8.23%5.67%5.89%5.79%5.54%3.90%
9.84%8.56%6.22%6.22%5.68%
n.a.
9,89111,15611,95112,02917,371
11,87113,19415,39817,847
2,793
3,0324,7334,8715,0256,1698,737
1,8802,2473,2293,2423,6414,156
n.a.2,8044,3206,131
12,466
3,2296,564
11,28625,964
1,234
1,8712,6833,5854,3657,115
11,356
1,2341,9222,6803,3625,169n.a.
.Source: Global Property Guide
Source: Global Property Guide
USA: Rental yields
NEW YORKUPPER MANHATTAN - Apartments
New York Lower Manhattan apartments
MIAMI - Condominiums/townhomes
Miami condominiums/townhomes (Aventura)
June 2
June 2
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Rental market Many Americans rentRoughly one-third of households in the United States live in rental hou
Most Americans, in fact, will have rented their homes at some point inlives.
A disproportionate number of renters are lower-income households. T
may be partly explained by the fact that as of 2004, more than 80% of
households whose heads are 25 and under were renters, as well as tw
-thirds of those aged 25 to 29. The number of households renting inst
of owning their homes declines with the advance in age, but there are
over 4 million households whose heads are 65 and older that rent.
People who go through major changes in their life-such as a divorce o
separation, or a job transfer-usually choose to rent at least temporaril
after they move.
As of 2010, more than 61% of Americans aged 18 to 39 rented rather t
owned their homes, up from 57% in 2005. Immigrants and foreigners
in the U.S. add to the number of renters, as a large percentage of them
across all age groups rent.
International renters
Foreign renters who do not have a rental history or a credit history in t
U.S. may be evaluated differently than prospective tenants, using crite
such as references and bank statements. Some international renters u
guarantors or are asked to provide a larger security, sometimes as mu
as six to 12 months' advance rent .
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Taxation Property taxesMost property taxes in the U.S. are levied on the combined value of la
capital. Property tax is levied at the municipal or county level by the logovernment, and the rates usually range from 0.2% to 2% of the prope
value. As of 2009, the state with the highest rate is New Jersey, at 1.89
a median value of $6,579. The state with the lowest rate is Louisiana, 0
of land value, or a median amount of $243.
Rental income tax
Cash or fair market value of property that the taxpayer receives as pay
for the use of real estate is taxable by the IRS as rental income. In gene
expenses from renting out property can be deducted .
Non-residents with rental income are taxed at the federal and, genera
the state levels. At the federal level, rental income is considered as inv
income, and non-residents may opt to have their rental income classif
Fixed Determinable Annual Periodical (FDAP) income or as Effectively
Connected Income (ECI).
What's the difference?
Under the FDAP classification, rental income is subject to a 30% witax, levied on the gross amount, without offset for deductions, per
allowances or credits.
If the taxpayer chooses to have rental income classified as ECI, the
progressive tax rates are imposed after allowable deductions have
applied. Non-residents are only given this choice when it pertains t
from real estate property.
Generally, when a non-resident is engaged in a trade or business in the
income from such activities falls under ECI. When a non-resident earn
from sources that are fixed or regular, or when income is determinabl
is earned, such income is treated as FDAP income.
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Taxation Bush tax cuts remainThere are four categories of income: wages and salaries, business inco
investment income, and capital gains. All except capital gains, are geneaggregated and taxed at the same rates.
Taxable income is generally computed as gross income less certain sta
deductions to arrive at adjusted gross income (AGI), less the standard
deduction amount or the amount of itemized deductions, less persona
exemption amounts.
For non-residents, the tax liability depends on the type of income that
being taxed.
Income is taxed at the federal level and at the state level, both at prog
rates. In December 2010, Congress voted to extend the Bush tax cuts f
more years, by the Tax Relief, Unemployment Insurance Reauthorizati
Job Creation Act of 2010. Signed into law by President Obama, this en
that through 2012 the top Federal tax rate stays at 35%.
Federal income tax
The federal tax rates for 2011 are as follows:
Married filing jointly
Marginal
tax rate
10.0 %
15.0 %
25.0 %
28.0 %
33.0 %
35.0 %
Tax brackets
Over
$0
$17,000
$69,000
$139,350
$212,300
$379,150
But not over
$17,000
$69,000
$139,350
$212,300
$379,150
-
Single
Marginal
tax rate
10.0 %
15.0 %
25.0 %
28.0 %
33.0 %
35.0 %
Tax brackets
Over
$0
$8,500
$34,500
$83,6000
$174,400
$379,150
But not over
$8,500
$34,500
$83,6000
$174,400
$379,150
-
Married filing seperately
Marginal
tax rate
10.0 %
15.0 %
25.0 %
28.0 %
33.0 %
35.0 %
Tax brackets
Over
$0
$8,500
$34,500
$69,675
$106,150
$189,575
But not ov
$8,5
$34,5
$69,6
$106,1
$189,5
Head of household
Marginal
tax rate
10.0 %
15.0 %
25.0 %
28.0 %
33.0 %
35.0 %
Tax brackets
Over
$0
$12,150
$46,250
$119,400
$193,350
$379,150
But not ov
$12,1
$46,2
$119,4
$193,3
$379,1
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Taxation State income taxForty-one states impose a state income tax. Of these, 35 base the taxe
federal returns.In addition, nine of the 41 allow taxpayers to deduct soor all of their federal income taxes: Alabama, Iowa, Louisiana, Missour
Montana, North Dakota, Oklahoma, Oregon and Utah. Two other state
New Hampshire and Tennessee, limit their state income taxes to divid
and interest income.
Only seven states do not impose income tax: Alaska, Florida, Nevada,
Dakota, Texas, Washington, and Wyoming. In place of income tax, som
these states raise revenue by levying higher sales taxes.
Inheritance and estate taxes
An estate tax is a tax on the deceased's estate as a whole. The federal
tax is levied by the government. For 2011 and 2012 the top tax rate is
with estates below $5 million exempt, or $10 million for married coup
In the majority of states, the estate tax either no longer applies to dea
after a certain date, or is limited to federal estate tax collection.
An inheritance tax is a tax imposed on beneficiaries who receive prop
from the deceased. In the U.S., it is levied by the states. Only nine pre
have an inheritance tax: Indiana, Iowa, Kentucky, Maryland, Nebraska,
Jersey, Pennsylvania and Tennessee.
Residents
U.S. citizens and resident aliens are required by the IRS to report their
worldwide income on their tax return.
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Taxation
Capital gains taxes
The maximum long-term capital gains tax rate is 15%, except for taxpa
the lowest two tax brackets, who will pay 5%. These rates had been se
expire at the end of 2010, but were extended along with the rest of th
tax cuts for two more years.
Gains on assets held for less than a year are taxed at the ordinary inco
tax rate.
When a nonresident alien sells property, the buyer is required to with
10% of the selling amount as tax. The withholding tax is later credited
advance payment for capital gains tax.
In addition, most states tax capital gains as part of income. State incom
tax rates apply
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Landlord& tenant
Landlord & tenant laws
The U.S.' landlord and tenant laws try to be as fair to both parties as p
Most state landlord and tenant laws are based on the Uniform ResideLandlord and Tenant Act (URLTA) of 1972.
According to the act, the landlord and tenant may craft their own term
the rental agreement as long as they are not prohibited by URLTA. But
rental amount and term of agreement can be freely negotiated.
Some requiremets under URLTA . Rent is to be paid, without demand o
notice, at a time and place agreed upon by both parties. The rental ag
should specify the period when the rent is to be paid-usually monthly,
sometimes weekly, and sometimes the landlord and tenant come to t
own agreement.
Some landlord obligations under URLTA:
The landlord may not demand security in excess of 1 month's rent
The landlord shall comply with health and safety building codes
The landlord shall make repairs and maintain the premises in a fit
and habitable condition
The landlord shall maintain the electrical, plumbing and otherfacilities in good and safe condition.
Some tenant obligations under URLTA:
The tenant shall comply with health and safety building codes, kee
premises clean and safe, and properly dispose of garbage and othe
The tenant shall use the electrical, plumbing and other facilities in
reasonable manner
The tenant shall not deliberately destroy or damage any part of the
premises or allow anyone else to do so, and conduct himself prope
in a way that will not disturb his neighbors.
The tenant shall not forbid the landlord to enter the premises to in
it, make necessary repairs, supply necessary services, exhibit the p
to prospective tenants or buyers, or in the case of emergency. How
the landlord may not abuse this privilege and use it to harass the t
or enter at unreasonable times. Except in the case of emergency, t
landlord must provide the tenant at least two days' notice.
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Landlord& tenant
Landlord & tenant laws (cont.)If the landlord does not comply with his obligations, the tenant may d
a written notice to the landlord specifying the acts and omissions that
constitute the breach, and demand that the rental agreement will term
in no less than 30 days if the breach is not remedied in 14 days.
Similarly, if the tenant does not comply with his obligations, the landlo
may deliver a written notice to the tenant specifying the acts and omi
that constitute the breach, and demand that the rental agreement wil
terminate in no less than 30 days if the breach is not remedied in 14 d
The landlord-tenant laws of several states also specify that the landlor
may not refuse to rent to a tenant on the basis of the tenant's race, co
religion, sex, sexual orientation, marital status, national origin, ancestr
familial status, source of income or disability, or those of someone wh
associated or perceived to be associated with the tenant.
Rent control laws still exist:
Some cities have rent stabilization and rent control laws, adopted in thto deal with wartime shortages. Rent control is not without its critics,
it adds to housing shortages.
Perhaps the most famous example of a city with rent control laws is
New York City, where over one million apartments are rent-controlled
or rent-regulated.
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Where to buy
New York City
The Big Apple continues to be one of the most favored locations by
international buyers.
New York City at a glance
Population: 8.5 million (city), 19 million (metropolitan area)
Where to buy: Manhattan is the busy heart of New York City. In 2010,
median prices of mainly high - end properties in the borough rose- tho
townhouses by 13.2% and condominiums and co - ops by 3.5% in 2010
Apartment sales were up 35.4% from the year before.
Typical Manhattan price for 120 sq m apartments: $1,443,480
(Upper Manhattan), $1,583,280 (Lower Manhattan).
Typical Manhattan yield for 120 sq m apartments: 5.10% (Upper Manh
4.97% (Lower Manhattan).
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Where to buy
MiamiForeign buyers are the driving force behind the success of the South F
property market.
Miami at a glance
Population: 433,136 (city), 5.6 million (metropolitan area)
Where to buy: The city of Aventura in Miami - Dade County is one of t
nicer areas in the Miami metropolitan area. It is quite well-off, with a s
- stantial retirement community. One of its biggest attractions is Avent
Mall, a high - end shopping mall and the largest in Florida.
Typical Aventura price for a 120 sq m condominium or townhome: $26
Typical Aventura yield for a 120 sq m condominium or townhome: 8.5
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Global Property Guide Reports
Sponsorship of our country reports gives the following benefits:
1. Branding. The Global Property Guide produces a 5-6 page broch
for the sponsor - an interview, or list of offices with quality prope
and brief commentary, or anything else that conveys the 'messag
This brochure has high production values and can be emailed to
potential clients. Download a sample advertorial insert here.
2. Data. Sponsorships are exclusive and generate data Reportsponsorships cost US$4,500
Forthcoming reports:
Country Date
USA 20 March
Spain 10 April
Brazil 25 April
Thailand 10 May
France 25 May
Reports on other individual countries, in addition, can be sponsored a
time, but the production cycle from initiation to report production, wi
at least one month.
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Global PropertyGuide Reports
What is the Global Property Guide?
Launched in 2004, the Global Property Guide provides in-house resea
help buyers of residential property abroad. We look at
Valuation (whether property is expensive by standards such as the
Price/Rent ratio)
Rates of taxation
Total costs of buying and selling property
Landlord and tenant law'
Inheritance law and inheritance taxation
Economic trends
Our statistics on national house - price changes sell to the World Bank
and similar institutions (educational institutions should apply for spec
consideration to [email protected] ).
Our research is widely quoted by leading media such as The Economi
Forbes, the Wall Street Journal, the BBC, as well as by industry publica
Our ratings of landlord-friendly landlord and tenant law has since bee
emulated by OECD policy papers.
Global Property Guide,109 Maripola Building, Perea Street,
Legaspi Village, Makati 1229, Philippines
Email: [email protected]
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