The world shook last month when the U.K. voted to leave the European Union. Its affects on the countries involved and remaining globe were somewhat muddled, but they continue to surface with prominence in a vast array of market contributions.
Rather indirectly, the Miami housing market is affected. London ranks amongst the top in global real estate, and its departure from the EU saw whiplash in property prices, plunging severely. This means that Miami moves up in the global rankings, and continues to become an even more attractive international location in which to purchase.
A more attractive purchase destination should attract more foreign investors. Right now, Miami has the most stable real estate market in the country, which makes it the easy choice for buyers leaving London and the U.K. for new opportunities.
It’s too unpredictable to claim that London will fall to instability, but the unknowns surrounding the departure from the EU leaves too much up in the air for investors. It’s no longer a safe market, and Miami beams with security and stability. Already, there’s a project, Miami Worldcenter, set to be completed 2018. It’s already attracted investor-buyers from 35 different countries.
Investors from all over the world have sought Miami property for years. Some of its most appealing attributes are its favorable weather, international access location, buzzing lifestyle, global business market and multicultural family affinity. Traditionally, the Florida Realtors Association saw annual climbs in real estate values of four to 10 percent. Most recently, the value increases tipped into the teens. Even with these increases, the Miami real estate market still offers some of the most affordable options amongst the world’s top cities.
So what does this mean for the rest of Miami and south Florida? Experts predict an influx of foreign investors, bringing international, well-educated, wealthy people to the area. Property purchases will be amongst top activity, but we’ll also see the establishment of new businesses, creating jobs for locals and immigrants alike, which will be increasingly important for the population increase in downtown Miami.
Only time will tell the validity of Miami’s upcoming housing market boom, and we’re curious to see how the change unfolds. VIAC will be there every step of the way, so tune in for the latest on Brexit and, as always, all things Miami real estate.