If you consider yourself an expat, then you understand that you can live and work anywhere in the world. However, some countries and regions offer far more advantages. E.g., in Asia, there are low wages and high demand, but low prices, while other European countries may be the opposite.
Today, we suggest considering the sunny resort state of Florida as a place to buy a property. It offers great investment opportunities, high living standards, and excellent work opportunities. So, the state can be considered as the main place of deployment allowing you to invest in real estate.
Below are the top 5 reasons why it would be great to buy a property in this region.
Content:
- 1. Annual growth in the value of the real estate (by 30.5% over the past year)
- 2. Rental growth (20% last year)
- 3. Popularity with investors (every fourth foreigner invests in Florida real estate)
- 4. Setting for living and recreation (among the top 5 in the USA)
- 5. Fast registration of purchase and sale (in a couple of weeks)
- Conclusion
1. Annual growth in the value of the real estate (by 30.5% over the past year)
Florida is an ocean coast where the most famous resort city in the country, Miami, is situated. The state shows such high growth due to its coastal location: there are hundreds of luxurious properties with ocean views.
The high demand is the reason that the entire ocean coast in Florida already has luxurious villas, and even the relatively newly built developments are demolished, and new ones are constructed in their place. The state doesn't only offer sought-after mansions. It offers a uniqueness due to the limited housing stock and is the reason for the inevitable real estate price growth.
According to NeighborhoodScout, property prices in the sunny state have risen by 135% over the past 10 years. And over the past 2 years, real estate prices increased by 56.8%. So, the region offers the best investment options in the USA.
However, these statistical figures are not true for the entire region as the state is large, and it’s not just the coast that has upmarket mansions. In Florida, there are many small towns where the middle-class lives At the same time, they enjoy the same benefits as millionaires. The wonderful climate and the ocean, albeit a couple of hours away, are a pleasant addition to living in the USA.
2. Rental growth (20% last year)
The cost of renting apartments and villas in the state grows every year. E.g., over the past year, the growth was 11% across the country. But the statistics for the resort region are even more impressive as the cost of rent increased by 20% and in some cities reached almost 40%. Such figures make local real estate the most profitable for rentals in the whole country.
Below are the locations with the highest increase in rental prices:
- Naples - 38%.
- Fort Myers - 32%.
- Palm Beach - 27%.
- Orlando - 24%.
- Tampa - 23%.
Even despite such a significant rise in prices, the demand is still ahead of the supply. So, according to experts, the demand will continue to push the cost of rent higher and higher, which will affect property owners favourably.
To rent out a property in the state, you must obtain permission from the authorities and obtain the consent of the neighbours. You can arrange a short-term or long-term lease. Don’t do it without the correct permission or you could receive a serious fine.
3. Popularity with investors (every fourth foreigner invests in Florida real estate)
One of the reasons for the incredible rise in prices for houses and apartments in the region is the high demand for real estate among foreign investors. At present, 24% of foreign property buyers who come to the US purchase a real estate unit in this state. California (11%) and Texas (8%) are second on the list for locations.
Such high demand is due to the favourable situation of real estate and rental prices rising. Every investor wants to make a profit in such conditions.
4. Setting for living and recreation (among the top 5 in the USA)
According to the statistics of the US National Association of Realtors, Florida is one of the top 5 most favourable areas for living. The experts based this on the general region condition, the conditions for work and life, and the benefits in terms of real estate.
This statement is not surprising as the sunny state has beautiful beaches that are famous throughout the world, and favourable conditions for tourists.
The region features a well-developed infrastructure, and high-quality hospitals, schools, and universities, which are amongst the best in the country. By the way, Miami is not just a resort, but also a major business hub. The headquarters of international corporations such as Microsoft, Hilton, CISCO, Visa, Danone, and numerous others are located here. Moreover, the state is not highly engaged in industry, so the environment is the topmost.
If you’re already interested in moving to Florida, then below is a list of the best places to live, according to realtors:
- Orlando.
- Miami.
- Palm Beach.
- Fort Lauderdale.
- Fort Myers.
Finally, it should be noted that the Russian-speaking population is approx. 7% of the total population of the region. Some of the towns are almost fully Russian and even the attendants speak the language so the language barrier will not interfere with living in Florida.
5. Fast registration of purchase and sale (in a couple of weeks)
Another reason to come to Florida and buy a home or an investment property is the timing of the title deed. In this regard, the United States offers favourable conditions: a certificate of ownership can be obtained in 2-4 weeks, depending on the state and the number of applications.
E.g., purchasing a real estate unit and re-registration of the transaction in Spain takes up to 3 months.
Of course, today it’s not necessary to come to the country in person and live there all the time. While waiting, you can arrange everything with the help of realtors and lawyers. But even if you're not coming in person, the property ownership transition period does play a role as there may be months when you lose money rather than earn it.
Conclusion
Florida is a state with something for everyone. There’re noisy cities with fabulously expensive housing, luxurious waterfront mansions on the ocean coast, and even quiet towns with affordable housing prices.
Whether you're looking to move to Florida or just invest in real estate, the state has exciting opportunities to explore.