According to American researchers, several Florida cities are on the list of best US cities for real estate investment in 2022. These include Spring Hills near Tampa, Le-high Acres near Fort Myers, and Palm Bay, Brevard County, on the Atlantic Coast. Analysts have studied the key data on real estate investment to determine the state’s best cities. These indicators included:
- Value of housing.
- House price growth rates.
- Rent index.
- Gross rent.
The 2021 performance clearly showed that this market was extremely good for investors. But are new developments in Florida still a wise choice for investment in 2022?
Content:
- Why investment in Florida’s new developments is a smart move
- Selecting Florida’s most promising projects
- Start choosing real estate in Florida!
Why investment in Florida’s new developments is a smart move
Does it make sense to invest in Florida’s new residential projects? The latest reports of Florida realtors say a resounding yes.
The Florida real estate market is among the most popular in the country for a good reason, mainly due to the geographical position. The Sunshine State is situated be-tween the Mexican Gulf and the Atlantic Ocean and bordered by Alabama and Georgia to the north. Cuba is just over 100 km far from the state’s southernmost point. Florida is an international tourist destination where summer lasts all year. After all, it’s called the Sunshine State for a reason. Florida is also famous for its world-class theme parks. The state’s economy is dynamic and diverse. Dozens of global corporations have their headquarters here. The state’s government takes proper measures to support the business and develop the economy in general.
Read on to find out why the demand for purchase and rent of homes in Florida has been growing in 2022 and what projects you could choose for investment in Florida real estate right now.
Growing population
The Sunshine State has gained over 2.7 million new residents since 2010, making it the third most populous in the USA after California and Texas. The population of Florida is 21.5 million people, which is 14.6% more than in the previous decade. Forecasts say that over the next few years, 845 new residents will appear in Florida every day.
Here is the key statistical data about the state’s population:
- According to the US Census Bureau, the population of Florida was 21,538,187 people in 2020.
- Since 2010, the Florida population has increased by 14.6%, making it the third most populous US state.
- According to the US News & World Report, 7 out of 10 fastest-developing US communities are in Florida.
Business opportunities
Florida is famous for being a perfect place for doing business. This is one of many reasons why this state will remain a promising investment option. The Florida Gov-ernment is proactive, favors entrepreneurs, and supports creation of high-paying jobs.
Here is the key employment statistics:
- The GDP of Florida exceeds $1.2 trillion (having grown by more than 62% over the past decade).
- The number of jobs in Florida increased by 5.4% from January through September 2021 compared to the nationwide average of 0.8%. From July 2021 to July 2022, the number of jobs grew by 4.9%.
- Jacksonville and Tampa are considered to be two out of 15 best US states for job-hunting.
- As of July 2022, the unemployment level in Florida was only 2.7%. The sectors of hotels & hospitality, information, and professional & business services are the fastest-growing ones.
Florida is high in the ratings of favorable economic climate. Specifically, it is the 2nd best state for doing business and the 3rd best by corporate taxation. Florida is in the top five states with the best tax regime for doing business.
Labor market
The number of jobs is growing evenly across the state. All major metropolitan areas offer new jobs in almost all key industries. According to the Florida Department of Economic Opportunity, the fastest-growing employment sectors include healthcare, software development, and information & business services.
The key Florida industries are aviation & aerospace, essential services, manufactur-ing, defense & home security, information technology, financial & professional ser-vices, logistics & distribution, and sustainable technologies.
Florida-based Fortune 500 companies include Tech Data, Publix Super Markets, AutoNation, Lennar, CSX, Office Depot, NextEra Energy, Darden Restaurants, and Fidelity National Finance.
Education and infrastructure
There are almost 160 colleges and universities in Florida, including the University of Central Florida, the Florida International University, the University of Florida, the University of Miami, and the Florida State University.
According to Census Reporter, almost 31% of Floridians have higher education.
Florida’s current infrastructure is number two in the USA by maturity. There are 15 deepwater sea ports, two spaceports, over 19,000 km of motorways, and 5,000 freight rail tracks in the state.
The Orlando International Airport (MCO), the Miami International Airport (MIA), the Fort Lauderdale International Airport (FLL), and the Tampa International Airport (TPA) are the four busiest airports in Florida, serving about 68 million passengers every year.
Florida real estate market
According to WFLA’s November 2021 Report, the sales of houses and their prices are growing in Florida. The supply is reducing, while the number of cash buyers of real estate has almost doubled over the pandemic years. In fact, house prices grew by double digits in every Florida megalopolis compared to the third quarter of 2021.
Here is the key statistical data concerning this market:
- The average value of a Florida home was $378,104 as of April 2022.
- The average house price in Florida increased by 33.1% over the past year.
- Over the last five years, the value of houses in Florida grew by over 78%.
Attractive rental market
ABC Action News reports that Miami, Tampa, and Orlando have experienced the greatest annual rent increase in the country. The trend of rental growth has continued in Florida for quite a while. According to The Real Deal, the last year’s influx of expats enabled landlords to raise the rent considerably. People are attracted by Florida’s flourishing labor market, the lack of a state income tax, and the nice climate.
Here is the key statistics for this market:
- According to the Zumper web portal, in June 2022, the average rent on a 3-bedroom house in Miami was $3,675 per month; in Tampa and Orlando, $2,300 and $2,190 respectively. The rent in these three largest Florida megalopolises grew by 16 – 19% year-on-year.
- 34% of Florida residences are leased, which suggests that the rental market still has space to grow.
Selecting Florida’s most promising projects
So which projects in Florida are the most promising for investors in 2022?
Hallandale Oasis residential project in Hallandale Beach
Hallandale Oasis is a residential development in the upscale Hallandale Beach com-munity. The promising location combined with quality construction and proximity to the beach make this complex of multi-family houses a great investment option. The project is scheduled for handover in the third quarter of 2024. Prices: on request.
Hunters Point residential project in Cortez
This high-end complex of low-rise houses is located in Cortez, a nice resort community. Cozy cottages with terraces, garages, and swimming pools have the additional advantages of stunning views and the proximity to schools and the beach. Construction will be completed in the second quarter of 2024. Prices: on request.
Okan Tower residential project in Miami
Okan Tower is a new off-plan skyscraper in Miami that will have apartments with views and an incredible swimming pool on the top floor. Residents will enjoy various luxury features, such as designer lounge areas, a bar, a spacious lobby, and a premium fitness center. Homes will be painted in light shades and have panoramic glazing to make the spacious premises look even larger. The complex will be completed in the end of 2024. Prices: on request.
Magic Village by Pininfarina residential project in Kissimmee
Magic Village by Pininfarina is a unique designer project for living and investment. This is a great choice if regular comfortable living is not enough for you. Magic Vil-lage offers exclusive serviced cottages. Concierge service, restaurant delivery, house-keeping, and free Wi-Fi will be available to the residents. The complex will be com-missioned in the second quarter of 2023. Prices: on request.
Start choosing real estate in Florida!
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