The famous billionaire financier Ken Griffin has recently moved to Miami and taken the office of his Citadel hedge fund to Florida too. Many other professional investors would like to follow his lead.
A recent survey of investors showed that most of them would prefer to move to the sunny Florida, particularly Miami, if they could work from anywhere in the world. This city competes with Singapore and New York for the title of the hottest residential property market in 2023, according to data from the latest MLIV Pulse survey devoted to the situation in financial markets.
During the pandemic, many representatives of financial corporations moved to locations with a lower tax burden and luxurious amenities. The abovementioned Citadel hedge fund, for instance, now operates from the high-end Four Seasons Hotel in Palm Beach. This region has earned the nickname of Wall Street South. Representative offices of giants such as Goldman Sachs Group Inc., Apollo Global Management Inc., and Blackstone Inc. have already opened there. Related Cos, a company owned by the billionaire Stephen Ross, is also planning to set up office in Florida, where so many Americans are moving.
Large players of the Florida real estate markets currently have high hopes for the spring season, when sales usually peak.