The city of New York is one of the most influential cities in the US and the epicenter of global finance. The city has ranked at the top of the list for global competitiveness and prosperity as well as real estate investment in 2013 and 2014. The prime residential market saw the largest capital appreciation in 2014 at 18.80%.
Moreover the city is home for the renowned historical landmarks such as the Empire State Building, Times Square, Wall Street, Central Park and Broadway Theater. Multifamily units are the most common type of housing dwellings in the city accounting for 95% of all types of accommodations in the city. In the last 10 years property prices have increased 38.81%, which translates into an average yearly property appreciation of nearly 3.50%.