Rising numbers of tourists and air passengers, combined with increasing international demand for property point to a healthy year ahead for Florida’s real estate market, said InternationalPropertyForSale.com in November 2017.
Florida’s busiest airport is Miami, followed by Orlando, Fort Lauderdale and Tampa and together these four hubs accounted for almost 80 per cent of the State’s air traffic in 2016. Given Florida is home to 6.4 per cent of the entire US population, these figures reveal the weight of the Sunshine’s State appeal to foreigners.
Expectations are that air passenger numbers will be even higher at the end of 2017. The state-funded agency has confirmed that Florida welcomed 88.2 million tourists during the first nine months of 2017, representing a 3.3 per cent rise on the same period last year and a new record.
“The weeks following Hurricane Irma weren’t the easiest for Florida,” said Julian Walker, director at InternationalPropertyForSale.com. “But the State has an ability to bounce back quickly and its appeal to tourists and investors, most of whom can see beyond the effects of a momentary storm, evidently remains as strong as ever.”
Indicators within Florida’s real estate market are equally bullish, with foreigners’ share of home sales revenue rising to 20 per cent in the year to the end of July 2017 (National Association of Realtors), thanks largely to more than $2-billion worth of residential sales in the Metro Orlando area. During the same period, Metro Orlando was second to Miami as Florida’s biggest market for international buyers. Countries sending the most purchasers to the Orlando area were Brazil, Canada, the United Kingdom and Venezuela, in that order.
According to the Florida Association of Realtors (FAR), median house prices, new listings and new pending sales all rose during October 2017 compared to the same month last year. Looking closer, in October the state-wide median sales price for existing single-family homes rose 7.1 per cent to $235,558, and for condo-townhouse properties it grew 5.2 per cent to $170,000. This means October was the 70th consecutive month that state-wide median prices for both sectors rose year-on-year.
“Worth noting is the increasing choice of mortgages in Florida,” added Julian Walker. “Low rates, increasing availability for all types of property, including condos, and negligible redemption penalties make them especially attractive to UK buyers at the moment, who might want to use a mortgage to hedge against the unfavourable exchange rate.”
On the market:
Three bedroom apartments for sale in Orlando, Florida
- Three spacious bedrooms, two bathrooms at 1,244 square feet (116 m2)
- Fully furnished and air conditioned
- Fitted kitchens including white goods
- Convenient, practical location
- Beach-style swimming pool and kids’ pool
- Bar and restaurant
- Clubhouse cinema
- 30-minute drive from Tampa airport
Waterfront Apartments for sale In Edgewater, Miami, Florida
- One spacious bedroom, one bathroom at 98.6m2 floor space
- Fitted kitchen, sea view balconies
- Great location on the waterfront
- Short walk to amenities, shops & more
- 30-minute drive from Miami International airport
Beachfront Apartments for sale In Fort Lauderdale, Florida
- Choice of two to five spacious bedrooms from 2,364 square feet
- Fitted kitchens, smart-home technology
- Swimming pools, spa and gardens
- Clubhouse and choice of onsite restaurants
- Garage parking, 24/7 concierge
- Balconies with stunning sea views
- Fantastic beach side location, excellent facilities
- 15-minute drive from Fort Lauderdale airport
More information can be obtained by going on-line at: www.internationalpropertyforsale.com