Buying property in New York City as a foreigner: Complete UK guide (2026)

Planning to relocate to New York City from the UK? Perhaps you’re moving to NYC for work or business, or are looking for a holiday pad or investment opportunity.

Whatever your plans - and whether you have your heart set on Manhattan, Brooklyn or another borough in this iconic city - we’re here to help.

Read on for a practical guide to buying property in New York, covering everything you need to know.

We’ll show you the steps to buy property as a UK buyer, along with info on mortgages, fees and taxes and the latest property prices in the Big Apple. Plus, a look at the risks and pitfalls you’ll want to avoid.

We’ll also introduce a reliable and cost-effective way to send large sums internationally from the money services provider Wise. Over 14.8 million people worldwide use Wise to move £36 billion every quarter.

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Table of contents

Can UK foreigners buy property in New York? Loans and mortgages in New York for non-residents What’s the real estate market like in New York? How much are the property prices in New York? Where is the cheapest place to buy property in New York? How to search for a property in New York Types of property in NYC How to buy property in New York City as a foreigner - a step-by-step guide Fees and costs of buying property in New York Risks and pitfalls of buying property in New York Moving into your New York property Save on currency conversion fees with Wise when buying property in New York City Key takeaways

Can UK foreigners buy property in New York?

Yes, foreign nationals can buy property in New York without restrictions, and you don’t need to be a resident either.

However, you will need to navigate a number of legal, tax and financial requirements. These can be complex for non-residents, especially when it comes to getting a US mortgage.

Loans and mortgages in New York for non-residents

Many US banks and other lenders do offer mortgages (known as home loans in the US) to foreigners. However, the requirements and rates may differ compared to how it works for local applicants.

For example, you might have to pay a larger down payment (around 30% to 50%)¹ as a non-resident, compared to the 20% required for residents. You may need to provide more documentation, and interest rates can be slightly higher too.

The requirements for application will vary between banks, but generally you’ll need the following:

• Valid photo ID
• Individual Taxpayer Identification Number (ITIN) for non-residents, or Social Security Number (SSN)
• Proof of income and employment
• Recent bank statements
• A credit report from the UK (if asked)
• Proof of funds for the down payment and associated costs.

It’s a good idea to get pre-approval for your mortgage before starting your property search, as this can strengthen your negotiating position as a buyer.

What’s the real estate market like in New York?

The property market in New York City is transitioning into a period of stabilisation, following frenzied growth in 2021-2022.

Demand is steady and supply constrained, although there has been a recent uplift of 5.5% across the wider state area.²

Property prices in the city have risen by 8% year-on-year, according to figures from September 2025. Looking ahead, analysts are predicting modest price appreciation of between 4% and 6% throughout 2026, although performance is expected to vary between boroughs.²

How much are the property prices in New York?

So, how much is property in New York? This is an essential thing to know as you set your budget and start your search.

The average (median) price for a home in New York is $875,000 USD, as of September 2025.²

However, it does of course depend on what you buy and in which part of the city.

If you're wondering where to buy a home in New York, here are the average property prices across the city’s five boroughs as of 2025):³

Borough	Average (median) property price in USD
Manhattan	$1.24 million
Brooklyn	$1 million
Queens	$736,291
The Bronx	$330,000
Staten Island	$730,000 to $750,000

And, if you’re arranging your property purchase from the UK, you’ll need a safe, reliable and preferably low-cost way to send over fees, deposits and other payments.

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Where is the cheapest place to buy property in New York?

NYC is an expensive city for property, but it is possible to find cheaper property prices in parts of Queens and The Bronx.

It may also be worth looking in the North Shore neighbourhood of Staten Island for affordable property.

How to search for a property in New York

If you’re new to the New York property market, it could be worth using a specialist real estate agent to help you find the right property. This service is likely to come with a fee, however.

And when choosing a realtor, make sure to check that they’re licensed with the Department of State (NYSDOS).

You can also start the search online yourself, using one of these US property websites and portals:

• Zillow
• Realtor.com
• Trulia
• Redfin
• RE/MAX
• Rightmove Overseas

Types of property in NYC

New York City has three main property types:

• Condos - condominiums are the ideal property type for foreign buyers, offering modern accommodation and no restrictions on ownership or leasing out the property.
• Co-ops - specific to the NYC property market, these are apartment buildings owned by a cooperative. You’ll have a proprietary lease rather than owning your apartment outright. It’s not the recommended property type for foreign buyers because buying/selling requires board approval and there are lots of other restrictions.
• Townhouses or brownstones - these are landed property with no ownership restrictions, but they’re usually very expensive.

How to buy property in New York City as a foreigner - a step-by-step guide

Now, let’s run through the steps involved in buying property in New York as a foreigner:

1. Get your finances in order

The first crucial step is to arrange your finances. You need to set your budget for the purchase, making sure to factor in all fees, taxes and other costs (more on this later).

You might also need to apply for pre-approval for a US home loan, or arrange alternative financing.

2. Apply for an ITIN

If you don’t already have one, you’ll need to apply to the Internal Revenue Service (IRS) for an Individual Taxpayer Identification Number (ITIN). This is a tax number for non-US citizens who don’t have a Social Security Number (SSN).

It isn’t absolutely essential for property purchases, but it is a key requirement for applying for US mortgages or opening a US bank account. Both of these may be crucial for your purchase.

3. Find a property and arrange viewings

Now it’s time to find the perfect property. You can use online property portals or use local realtors to find properties that match your criteria, and arrange viewings (known as showings in the US).

4. Make an offer

Once you’ve found your dream home, you’ll need to make a competitive offer or bid in writing. You’ll submit it either to the real estate agent or directly to the seller. At this stage, negotiations on price may take place.

5. Hire a solicitor to carry out due diligence checks

If your offer is accepted, the next step is to appoint a real estate attorney. This is mandatory, as in New York it’s a legal requirement for a licensed attorney to oversee the closing process for real estate transactions.

Your solicitor will also handle all due diligence checks, such as:

• Doing a title search to check the legal ownership of the property
• Checking for disputes, claims or other issues which could impact the sale
• Checking zoning and land use compliance.

Crucially, these checks need to be carried out before you sign the final purchase agreement.

6. Get a building survey

New York state laws require sellers to disclose some known issues through a Property Condition Disclosure Statement.

However, you may also want to commission your own independent property inspection to check for structural damage or any other issues/risks with the building.

7. Sign the purchase agreement and pay the deposit

This is the formal and legally binding contract signed by both parties which outlines the terms and conditions of the sale.

You’ll also pay a contract deposit (also known as an earnest money deposit) as a sign of good faith and commitment to the purchase. This is usually only around 1-3%.³

8. Finalise your mortgage

This is the time to contact your mortgage provider to finalise the loan. The provider may need to carry out an appraisal of the property.

9. Complete closing/settlement

This is when the purchase is finalised. Your real estate attorney will be crucial to helping with this, as there’s plenty of paperwork and legal steps to be completed. This includes:

• Setting a closing date
• Signing the title deed
• Signing your home loan documents
• Recording the title deed with the local county recorder’s office, to legally transfer ownership of the property
• Setting up a transfer for the remaining balance, including fees and taxes.

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How long does it take to buy a property in New York?

Buying property in New York tends to take around 60 days for condos, but it can take 90+ days for co-op apartments due to board approvals processes.⁴

Fees and costs of buying property in New York

There are quite a lot of closing costs involved in US property transactions, and the buyer has to cover most of them.

In New York City, you can expect to pay anywhere between 1.5% and 6% of the total purchase price in closing costs.⁵

Here’s a breakdown of the main costs you need to know about:⁵

Fee/tax	Rate/amount
Legal fees	Varies, from $2,500+ USD
Title insurance	0.4% to 0.45%
Recording/title search fees	$1,000 USD
Mortgage fees
Application fee	$500 USD
Origination/arrangement fees	$750 USD (+ $750 USD bank attorney fee)
Valuation fee	$450 USD
Mortgage recording tax	2.05% to 2.8%
Taxes
NYC Mansion Tax - properties over $1m	1% to 3.9%
Property tax (annual)	10.848% to 19.843%, depending on your tax class⁶

If you’re buying a new build property, there’s also a chance you may have to pay city or state-level transfer taxes.

These are usually paid by the seller,⁵ but the terms of the particular sales agreement may stipulate that the buyer has to pay all or part of it - it’s important to have your attorney check this.

Risks and pitfalls of buying property in New York

One of the main things to watch out for when buying property abroad are scams.

The best way to protect yourself is to work with registered, licensed and credible professionals, such as realtors and real estate attorneys.

But there are some other pitfalls and risks to look out for when property hunting in New York, including the following:

• It’s crucial to read the Property Condition Disclosure Statement carefully, and strongly recommended to get your own detailed property inspection
• Co-ops are not ideal for foreign buyers - as they require board approval (which can delay the purchase) and have restrictions on leasing out the property.
• Closing costs can be high in an expensive market like NYC, so you need to factor these into your budget.

Moving into your New York property

Before you can move into your newly purchased property, there are a final few tasks to check off your list:

• Taking out building insurance
• Setting up utilities
• Carrying out any renovations or energy efficiency improvements.

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Key takeaways

• UK nationals can buy NYC property without residency, but must navigate a stabilizing market where prices rose 8% year-on-year in late 2025 and are predicted to grow another 4% to 6% in 2026.
• Foreign buyers should prioritize Condos, which offer full ownership and easier leasing; Co-ops are generally discouraged for international buyers due to strict board approval processes and residency requirements.
• While US mortgages are available, UK buyers often need a significant down payment of 30% to 50%, compared to the 20% typically required for local residents.
• New York law requires a licensed real estate attorney to oversee the closing, handle the title search, and ensure all due diligence is completed before the purchase agreement is signed.
• Buyers must budget for the Mansion Tax (starting at 1% for properties over $1M and rising on a tiered scale) and a Mortgage Recording Tax (2.05% to 2.8%), making total closing costs higher than in many other US states.

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Sources used:

1. Properstar - Buying property in the United States as a foreigner: 2025 guide
2. Robert Defalco Realty - The Ultimate 2025-2026 NY/NJ Real Estate Market Statistics Guide
3. Robert Defalco Realty - Earnest Money Deposits: Complete 2025 Guide for NY & NJ Buyers
4. Corcoran - How Long Does It Really Take to Buy in NYC?
5. HauseIt - What are Closing Costs in NYC?
6. NYC Department of Finance - Property tax bills and payments

Sources last checked 25-Feb-2026