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Florida bucks US trend - 28 August 2007

Despite concern about the US housing market, investor confidence in the Floridian market is rising.

Miami continues to be a honey pot for the rich and famous, and it is also one of the most influential cities in the US economically, according to investment specialists Hollingworth & Associates.

Miami International Airport is the nation’s top airport for international freight and receives the third largest number of international passengers. The city’s popularity with both tourists and business visitors results in year round occupancy rates of 81.7%

The popularity of Miami, especially at the upper end of the market, will never wane; the glamour, white sandy beaches, superb nightlife and year round sunshine remain the draw. The rich and famous all aspire to owning a luxury beachfront pad in the city, and many of them have already made their home in Miami.

The fact that the city boasts one of the least affordable real estate markets in the country, placed 83rd out of 95 markets in the States (with San Francisco being the least affordable) makes owning a property here an even more desirable asset.

It has the largest collection of international and national banks on the East Coast after New York, whose deposits combine to total over $74 billion. And its international trade infrastructure is thriving.

The combination of a weakened dollar, now just under $2 to £1, and the city’s thriving economy makes the city an exciting place for investors. Although the US property market has suffered from the global credit jitters that are undermining confidence in the stock market, the state of Florida is likely to be the first to show signs of positive growth, due to the high number of tourist and business arrivals. Internal migration is also strong, with the ‘snowbirds’ of the northern states retiring to the sunnier Floridian coasts. Net migration to Florida is said to be over one thousand people per day.

 

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