A vote across the pond could translate to big money for those in Florida real estate. The sunshine state is known as one of the most valuable properties in the world, and, according to a recent piece in a local ABC affiliate, Florida property is priced right. Real estate in prime locations like Miami costs less per square foot than most well known global locations like Paris and New York.
Not only is real estate in Florida a good value, it also has a reputation for stability. Real estate investments have averaged a growth rate ranging for 4 to 10 percent. This pairing could translate to big money for Floridians and investors alike in light of the recent Brexit vote.
How does Brexit impact Florida real estate?
Here are three reasons why Brexit could translate to a real estate boom in Florida:
- Location, location, location. The classic real estate motto holds true in Florida. It is hard to beat the weather, cultural offerings and reputation as a friendly location for global business that Florida has to offer.
- London is falling. London was known as one of the more lucrative areas to own property in the world. The vote to leave the European Union has led to questions about stability, resulting in a drop in property values in the area. Experts are predicting that London’s loss could be Florida’s gain. Investors will likely shift their focus to properties in other locations, and Florida is expected to top the list.
- Florida is stable. Florida has a reputation for having a stable real estate market. This reputation may provide investors with an opportunity to take advantage of a safe haven and avoid an unpredictable market in England.
Whether an international entrepreneur looking to make an investment and shift funds out of an unstable European economy or a Floridian looking to take advantage of an opportunity with local real estate, now may be the time to jump into Florida’s real estate pool.