The New York property scene is becoming more of a buyer’s market, new reports suggest.

A series of new surveys and indicices have shown that the Manhattan top-end market has started to decline in price, showing that even the top end of the New York property sector is now exposed to price depreciation.

Such evidence has been provided by the findings of reports by Prudential Douglas Elliman and the Corcoran Group.

One notable factor cited in the decline has been the impact of the financial crisis on New York.

The situation suggests that those keen to invest may be able to find many bargains as they look around the Big Apple.

Investors looking to buy there may also find mortgages are cheaper as a result of recent rate cuts, with the Federal Reserve deciding last month to trim the Federal Funds rate to between zero and 0.25 per cent.

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