_10 reasons why you should live in New York
1. Foreign Purchasers - No Additional Taxes
For foreign buyers - unlike other cities around the world - cooling measures have not been introduced. Foreign buyers enjoy equal treatment as local residents when purchasing in regards to taxation and fees.
2. An International Gateway
Last year more than 59 million travellers passed through JFK – add to this the record 62m tourists in 2017, and JFK shows no signs of slowing down. New York also remains committed to improving its public infrastructure and transportation, with a $4b investment into La Guardia and ongoing subway work. With more than 100 airlines providing direct flights to 53 countries, New York’s JFK airport is the busiest North American International Air Passenger gateway.
3. Global Wealth Centre
The 2018 Knight Frank City Wealth Index, confirms that in terms of the number of wealthy residents; the size of inward private property investment; and upcoming wealth creation prospects New York was the leading international city in every category.
4. Higher Education Institutions
Home to some of the most prestigious universities and research centres in the world, including:
Cornell (Ivy League)
New York University
Columbia (Ivy League)
Fashion Institute of Technology
The New School
Barnard College
Parsons School of Design
School of Visual Arts
5. Global Financial Centre
The New York Federal Reserve Bank, the largest within the Federal Reserve System, regulates financial institutions and implements U.S. monetary policy, which in turn influences the world’s economy.
The New York Stock Exchange is the biggest and one of the world’s oldest stock exchanges. New York City remains the largest centre for trading in public equity and debt capital markets and leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in New York City are important participants in other financial centres.
6. Transparency & Market Strength
In addition to easily accessible accurate market data made available by the US’s public databases and legislative oversight, New York is also enjoying historically low vacancy rates (well below 5%) throughout the city.
7. The Culture of Tech/Startups
New York’s ‘Silicon Alley’ ranks 2nd behind the world-famous Silicon Valley in the amount of venture capital raised for tech start-ups. In the last 10 years, the number of New York tech professions has grown by 30%, twice the rate of overall economic growth in the city, according to Tech: NYC. But New York’s tech scene still has room to develop. Keen to brand New York as a major tech hub, Politicians are starting new tech-training plans and inviting tech giants to the city.
8. Medical Facilities – world leading
New York has 3 of the country’s top 20 medical facilities.
Mount Sinai Hospital
New York-Presbyterian Hospital
NYU Langone Medical Center
9. Culturally Diverse
With its 71 Michelin-starred restaurants, New York City is home to some of the world’s best museums, theatres, restaurants and bars. With more than 800 languages spoken, New York City is a diverse melting pot of cultures and provides cultural offering such as the Natural History Museum, Broadway, Whitney, MoMA, the Metropolitan Museum of Art and the Guggenheim.
10. A Robust Economic Foundation
The index’s wealth ranking lists New York as having the largest number of households earning more than $250,000 per annum
An unemployment rate of 4%, the lowest in 18 years
New York is the most important city for HNWIs - according to the Wealth Report’s City Wealth Index 2018
New York tops the index’s future ranking with the highest forecast GDP for 2022
The index’s lifestyle ranking, takes into account the number of five-star hotels, average spend per night and the city with the most top 100 universities
Its Dow Jones industrial average is near an all-time high at 24,776 (July 10, 2018)
Over a two-year period to the end of 2017, New York saw the largest annual average private investment into a property