NEW YORK:

New York is one of the most populated city in the United States, and the second largest metropolitan area in the world. It is the most important economic center of the U.S. where important financial, business, media and legal centers have a worldwide influence.. The city is the seat of global institutions, like the United Nations Organization as well many theaters, museums and galleries.

Manhattan celebrates the real-estate crisis

Like an oasis in the desert, Manhattan is an exception to the present real-estate crisis in the U.S.A. The average price of the apartments in Manhattan just set a new record in Jan 2008 arriving to the amount of $ 895.000 for a standard apartment. This is a 7.2% increase in relation to July 2007. The demand is so big, that the stock of available homes has fallen 31% per cent in one year.

Investing in bricks’ in the Big Apple still remains an excellent idea with possible returns above 16 % per year. And with the present real estate crisis the rents on the apartments have skyrocketed an average of 35%.