New York has over one million properties, and all are set to rise in price by around 3.8% this year, according to a new report by the Finance Department.

Commercial properties are also going to rise, with a total rise of nearly 8% thanks to changes in supply and demand. The jump in property prices will have an effect on the amount New York City can borrow as well, as it can only owe up to 10% of a five year average of property prices.

Residential properties which have more than three units will also rise by an estimated 5.2% and the average tax bill that property owners pay will increase by $195.77. This includes rented accommodation and condominiums. Manhatten is predicted to have the sharpest rise in market value, nearly 6%, followed by the Bronx – 3.6% and Brooklyn at 3.2%.

For details of property for sale in the USA, visit the USA listings on Rightmove Overseas. One way to save money when buying in Italy is to use a currency specialist when transferring your pounds into dollars to complete the purchase of your property. For more information on this, contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property in America, collect The Overseas Guides Company’s ‘USA Property Buying Guide’