USA Global Property Guide

7/30/2019 USA Global Property Guide

1/26

GLOB

PROPER

GUI

US: On the long road

to recovery

[RESIDENTIAL BUYER'S G

Barbara March


2/26

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.


3/26

GLOBAL PROPERTY G

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


4/26

GLOBAL PROPERTY G

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


5/26

GLOBAL PROPERTY G

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


6/26

GLOBAL PROPERTY G


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


7/26

GLOBAL PROPERTY G


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


8/26

GLOBAL PROPERTY G


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%).


9/26

GLOBAL PROPERTY G

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."


10/26

GLOBAL PROPERTY G

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.


11/26

GLOBAL PROPERTY G

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.


12/26

GLOBAL PROPERTY G

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


13/26

GLOBAL PROPERTY G

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.


14/26

GLOBAL PROPERTY G

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.


15/26

GLOBAL PROPERTY G

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


16/26

GLOBAL PROPERTY G

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 .


17/26

GLOBAL PROPERTY G

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.


18/26

GLOBAL PROPERTY G

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


19/26

GLOBAL PROPERTY G

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.


20/26

GLOBAL PROPERTY G

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


21/26

GLOBAL PROPERTY G

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.


22/26

GLOBAL PROPERTY G

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.


23/26

GLOBAL PROPERTY G

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).


24/26

GLOBAL PROPERTY G

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


25/26

GLOBAL PROPERTY G

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.


26/26

GLOBAL PROPERTY G

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]

USA Global Property Guide

Documents

Transcript of USA Global Property Guide