Lots of people may view Miami more as a place to relax rather than live. However, the excellent economy and the right development policy have made South Florida a global family and financial hot spot. According to Mayor Francis Suarez, Miami has become the most dynamic city in the world. He also added that direct flights from Miami International Airport to Tokyo and Saudi Arabia are currently being developed.
Suarez noted that Miami aspires to be an important point of capital aggregation and added: it is important for the city to benefit from it. Mayor Francis Suarez has long been talking about the “Miami phenomenon”, which consists of low taxation, crime rates and a desire for innovation. New data shows that the real estate market and the population of South Florida have increased significantly over the past year.
During 2022, the three largest counties of South Florida - Miami-Dade, Broward and Palm Beach - recorded the largest increase in new residents, which provoked high demand for housing. Total active offers of single-family homes and condominiums in all three districts decreased by 24% - from Q4 2022 to Q1 2023. This indicates that real estate is being sold out quickly. The average sale price of single-family homes in all three counties of South Florida increased by 8% over the same period: from $1,233,500 to $1,335,594. Despite the fact that middle-class housing here is not cheap, from 2022 to 2023 the increase in buyers was 152%. In addition, Miami is the number one in the country in terms of wage growth.