Manhattan is part of the New York City Metropolitan area, which is located at the mouth of the Hudson River in New York state on the east coast of the US.

What's so special about it?

New York is the most populated city in the US and one of the biggest urban areas in the world. The city is bucking the trend for house prices in the US and in terms of economic and social conditions New York is also enjoying one of its lowest levels of unemployment since records began in 1976 and violent crime has dropped by 75%, its lowest since 1963.

Best kept secrets Knight Frank Research found that New York was the third most expensive city after London and Monaco to buy an apartment. However, for those wanting a bite of the Big Apple it is getting cheaper as the latest cost-of-living survey by Mercer Human Resource Consulting found. Although New York is the 15th most expensive in the world, thanks to the dwindling dollar it has dropped from 10th last year. However the quality-of-living survey, also by Mercer, found that overall it only ranked 48th and in terms of health and sanitation it ranked 77th.

Who lives here?

Famous New Yorkers include Christina Aguilera, Woody Allen, Des Bishop, Humphrey Bogart, Tony Curtis, P Diddy, 50 Cent, Scarlett Johansson, Stanley Kubrick, Al Pacino, JD Salinger, Martin Scorsese, Oliver Stone and Donald Trump.

What's the property market like?

Property is one of New York's major economic activities and the total value of property in the city in 2006 was 597bn. "It is very difficult to get plots of land as there is a scarcity, " says Matt English from Christies Estates.

According to New York agents Miller Samuel in Manhattan, the average price of an apartment rose 5.4% and listings have dropped by 9.1% this year. "The market is extremely busy in all price ranges and there are more bidding wars, " Michele Kleier, president of agents Gumley Haft Kleier, told the Real Deal website. As a result many properties have been selling for up to 20% more than the asking price.

"Traditionally, the majority of competition for foreign buyers is from locals. Ninety-five percent of people who buy in Manhattan live in Manhattan.

Foreign buyers, while they are growing, do not make up anywhere near the majority of buyers, " says Kyle Thomason, an American agent now based in Ireland. Thomason also says properties have gone up 10% since January of this year.

How do you go about buying property?

A good source for real estate information on New York is the Real Deal website and the New York Times and the Village Voice have extensive property sections.

In New York, solicitors write the contracts and, once a price is agreed upon, the seller's solicitor sends out the contract within 24 to 48 hours. Therefore it is important to have a solicitor in place before you buy. Once contracts are agreed a booking deposit of 10% is paid.

Thomason advices that buyers always get their own estate agent, as while they will be paid for by the seller they will represent your interests in the sale. Agents in the US can be found through the National Association of Realtors or in Ireland through the AIPP or FOPDAC.

If you buy into a co-op building you are buying shares in a company that owns the building and they give you a residency licence, which has different tax issues.

Where are the best places to buy?

Christies Estates advise their clients to focus primarily on midtown or downtown and Jason Higgs from Luxury Hotel Homes recommends as close to Central Park as possible. Popular Manhattan areas include Soho, Tribeca and Greenwich Village.

What's the rental market like?

The average rent for a small apartment in Manhattan is 1,488 a month and Higgs estimates yields for high-end properties are about 7%. The Real Deal website reported that 2007 is shaping up to be a tough year for landlords due to increases in water rates and taxes and the new Safe Housing Act, which is combating negligent landlords. In May the Rent Guidelines Board also recommended that rents only rise by 2% to 4.5% for one-year leases and by 4% to 7.5% for two-year leases.

Thomason estimates that on average the vacancy rate in Manhattan is about 5%.

What's the resell market like?

"Manhattan will always have a very buoyant secondhand market, " says English, especially with prices rising by 19%.

What type of property is available?

The Real Deal reports that apartments and condos are on the increase but listings for co-op buildings have dropped by 20% this year. Higgs reports that a growing trend is for branded residential properties, such as the iconic Plaza hotel where the number of hotel rooms was cut from 810 to 280 and the rest converted into apartments, which sold for up to $50m. However, with hotel occupancies at over 85% the city council is not keen on this trend.

Average property prices?

Thomason reports that the average price for a studio apartment is 434,586, one-bed units from 595,324, two-beds average 1,041,817 and three-bed units average 1,488,310.

What are the tax breaks with Ireland?

There is a US-Irish tax treaty. Buyers should budget between 5% and 8% for closing costs.

FAST FACTS

Getting there: Aer Lingus, Air France, Air Canada and many others fly direct.

Area: 87.46sq km

Population: 1,537,195 Currency: Dollar ($1.00 = 0.74)

Weather: Continental climate with temperatures averaging from -4degreesC to 30degreesC

Transport: New York has three airports, the world's largest subway and the iconic yellow cabs. Few New Yorkers drive; 72% use public transport and 75% don't have cars. There are also bus, tram and ferry services.

Going out: As well as seeing the well-known landmarks also visit the Lincoln Centre for culture, St Patrick's Cathedral, Guggenheim Museum, Carnegie Hall, the Tribeca Film Festival in May, St Patricks Day in March and Rockefeller Plaza at Christmas.

Eating out: The city has over 25,000 restaurants, some of the best being on 9th Avenue. There are also over 4,000 food vendors to cater to your fastfood needs.

Shopping: New York is a shoppers' paradise with all the major brands and outlets. Good options are Century 21 and Filene's for discount designer clothes.

USEFUL CONTACTS

>> Irish embassy in the US: 001-202 462 3939; www. irelandemb. org
>> Irish consulate in New York: 001-212 319 2555 >> US embassy in Dublin: 01-668 8777; www. dublin. usembassy. gov
>> The Real Deal: www. therealdeal. net
>> New York Times: www. nytimes. com >> Village Voice: www. villagevoice. com
>> National Association of Realtors: www. realtor. org
>> AIPP: www. aipp. org. uk
>> FOPDAC www. fopdac. com
>> Official Guide to NYC: www. nyctourist. com
>> NYC Council: www. council. nyc. ny. us
>> NYC Planning Information: www. plannyc. org
>> NYC Housing Development Corp: www. nychdc. com
>> Office of Federal Housing Enterprise Oversight: www. ofheo. gov
>> Rent Guidelines Board: www. housingnyc. com >> Global Property Guide: www. globalpropertyguide. com
>> My Overseas Property: www. myoverseasproperty. ie
>> Overseas List: www. overseaslist. com