Why Invest in Florida
The Sunshine State is proving to be a property hotspot for the USA. Here are a few things to think about if you’re considering investing.
Florida has long been one of the stars of the US property market. Its warm climate, spectacular beaches, and vibrant tourism sector make it ideal whether you’re looking for a holiday home or a potential investment. However, in 2021, the situation is even more promising than usual. With a vibrant economy, Florida is proving to be a magnet for foreign buyers of all kinds. Whatever type of property you’re buying, therefore, Florida really is the land of opportunity.
A fast recovery
Florida has emerged strongly from the pandemic. Cases were relatively low here. As such, the economic fall out was not as bad and it’s also much further on in its economic recovery than many other states, such as New York which suffered badly during the pandemic.
The economy and consumer spending power have remained in tact making for a highly positive environment for growth.
Moreover, with people increasingly finding ways to break free from the ties of the office, states such as Florida with its wide open spaces and roasting climate are high on the list of buyers priorities.
They come in all ages and at all levels of affluence. What was once thought of as a place for people to retire has become a magnet for everyone from young workers looking to rentals to wealthy individuals looking to diversify their property portfolios.
This has had an electric impact on prices. Data in February showed that average property prices had risen by more than 16% over the same period last year. Prices grew much faster and much higher than even the most optimistic experts could have expected.
Quality of life
Part of the reason comes down to a quality of life. Despite all the demand prices remain relatively affordable compared to other parts of the country. Investors might expect to see more bang for their buck if they are investing in Palm Beach than in the middle of Manhattan.
As well as the hot weather, the state also benefits from low taxes and a relatively affordable cost of living.
This has seen demand rise rapidly, including among overseas buyers with travel restrictions doing little to put people off. According to the data one in five international buyers chose Florida.
The Disney Effect
Much of Florida’s attractiveness, of course, is down to the influence of a certain well known mouse. Disney World is a major attraction and ensures the states tourism market remains one of the strongest in the world. The pandemic had a major impact on business, inevitably, but things are looking good once again.
However, already the recovery is underway. The tourism market is up in the early part of 2021, although it still lags behind the pre pandemic days. With international travel returning the outlook for the rest of the year is extremely promising.
Indeed we may even see an elastic band effect as pent up demand leads to a surge in tourism. The pandemic has kept many people in lockdown – that’s a long time to go without a holiday and many people are itching to get a bit of sunshine and sea as soon as they return.
Meanwhile, the beaches along Florida’s golden coast have legendary status and attract millions of people each year. With people again able to travel, the chance to feel sand between their toes will once again prove impossible for many people to ignore.
With the lure of Disney and the beaches often dominating attitudes to Florida, it’s easy to forget the other major attraction which draws people away from the beaches and theme park. The Everglades is one of the most important nature reserves in the world.
For those who are more adventurous these offer a chance to get close to nature – raw in tooth and claw.
Florida, therefore, is the perfect property hotspot. It has all the ingredients – affordable living, a fantastic lifestyle, low taxes, a vibrant economy and a gorgeous climate. In a world full of uncertainties, Florida represents a reassuringly reliable investment proposition for overseas buyers.