When it comes to investing in real estate abroad, many people think that such offers are only for selected people with decent incomes. Indeed, if we are talking about buying apartments anywhere in Spain or Cyprus for the full price, only a limited number of people can afford such a luxury property.
But do not put off the idea of becoming the owner of overseas real estate, because there are favorable offers that few people know about. Moreover, there are programs to buy apartments and land plots in Florida, the most desirable state of the United States of America. It has long been chosen by world celebrities: politicians, show-business stars, world-famous entrepreneurs and so on. And you have the chance to live next door to them.
Why investors choose Florida
Florida has one of the most popular real estate markets in America, but for the right reasons. The state borders the Gulf of Mexico, the Atlantic Ocean, Alabama, and Georgia. The cost of property in Florida is higher than in other American states, but housing still remains in demand and extremely popular. The "Sunny State" is a sought-after international tourist destination, where the sun shines all year round and where there are world-class theme parks. Florida's economy is also dynamic and diverse, thanks to dozens of global company headquarters and a government that encourages business development.
Advantages of purchasing an investment-attractive property
- Capitalization of value. Housing prices tend to rise. This makes it possible to resell the apartment more expensive in the future.
- High liquidity. The demand for housing stock is consistently high. Therefore, if you want to sell your home, you will find a buyer quickly.
- A rich choice of real estate. You can choose your own option for any budget. There are both compact and affordable studio apartments and luxury villas for several million dollars.
- High profitability. The annual coefficient for renting out housing varies from 6.5 to 10%. The most significant indicators in the resort of Miami Beach.
The current situation in the real estate market
The demand for real estate in Florida has been extremely high over the past few years. Fueled by historic-low interest rates, a new work-from-home economy, corporate investors and a large influx of people relocating to the sunshine state, the average Florida home price at the end of June 2022, has now increased to $397,000 and represents a 34.3% year-over-year gain.
Home sales and prices are rising, inventories are shrinking, and the number of buyers paying cash for single-family homes has almost doubled, according to a November 2021 WFLA report.
Key market statistics show:
- the average cost of a house in Florida is $388,635 (as of July 2022);
- the average cost of housing in this state has increased by 33.1% over the past year;
- over the past five years, the cost of housing has increased by more than 78%;
- the average duration of a transaction for buying a house for one family is 8 days.
Key statistics of the local real estate market may vary depending on the region. Check with Florida.RealEstate specialists to get up-to-date information.
Rental market
According to ABC Action News, Miami, Tampa and Orlando reported the largest annual rent increases in the country. Rents in Florida have been rising for a long time.
The onslaught of internal migration allows landlords to raise rents to exorbitant levels. People from the northeast and west coasts are attracted by Florida's thriving labor market, the absence of a state income tax, and the warm sun.
Market statistics show:
As of June 2022, the average rent for a 3-bedroom house in Miami is $3,675 per month, while in Tampa and Orlando, the average monthly rent is $2,300 and $2,190, respectively.
Rental rates in these 3 largest metropolitan areas of Florida rose by 16-19% year-on-year.
Tenants occupy 34% of housing units in this state. This indicates that there is still plenty of room for growth in the local rental market.
And you should keep in mind that Florida means "flourishing" in Spanish. This is not only the safest, environmentally friendly, and beautiful state of the USA in natural resources, but also a paradise for profitable investments.
Start choosing a property in Florida
The housing market is replete with profitable options. Now is the right time for you to get the benefits of buying a property in the sunny state. Check out the ads on Florida.RealEstate's website to pick up the best properties.
Florida.RealEstate experts will help you find the right housing in the catalog of excellent villas, penthouses and apartments in popular areas, as well as provide comprehensive support in concluding a bargain deal. Moreover, by visiting Florida.RealEstate, you can get professional advice from leading real estate experts on how to purchase and sell housing in the sunny state, as well as find a lot of investment-attractive options.
