With the UK looking at a so-called mansion tax and its close proximity to the euro zone, the market is witnessing a surge of interest in US properties, especially in the light of cooling measures recently introduced in Hong Kong, Singapore and the mainland.
Moreover, local investors are looking for opportunities with lower transaction costs in overseas property markets.
New York is currently one of the hottest property investment destinations in the world.
With the growing availability of high-quality, new-build properties in prime locations, sales volumes continue to show dramatic increases year-on- year.
New York reigns supreme when it comes to economic clout with a gross domestic product of US$1.24 trillion (HK$9.67 trillion), more than double London's US$536 billion.
With lower property prices and acquisition costs compared with other global cities such as Hong Kong and Singapore, New York's real estate constitutes an attractive investment proposition.
The acquisition cost of buying a US$1 million property in New York is almost 20 percent less when compared with buying a property of equal value in Hong Kong.
Due to the high Stamp Duty and Buyer's Stamp Duty combined with legal and agency fees, Hong Kong acquisition costs account for a daunting 24 percent in addition to the listed price.
In Singapore, investors are expected to pay an additional 18 percent on the listed price in Stamp Duty, Special Buyer's Stamp Duty and legal fees.
When you compare New York's low 4.4 percent costs, it makes investment sense to consider property there.
Commenting at a recent New York property exhibition held by IP Global, founder and CEO Tim Murphy said: "IP Global clients are showing major interest in the US property market, with particular attention to New York. The completion cost of a New York property is significantly lower than that of Hong Kong and Singapore, hence we see investors from these countries actively looking for opportunities to build their portfolios in New York."
IP Global is also offering various prime real estate opportunities for mainland investors to meet the current demand for investing in New York real estate, where the United States was voted the most stable and secure real estate investment market by the Association of Foreign Investors in Real Estate.