The Sunshine State is a popular investment destination for wealthy Americans and foreigners worldwide. Interest in Florida real estate is growing every year, leading to a steady price increase. Thus, the state average cost of residences increased by 5.8% in 2022, reaching an average price of $384,400 in December 2022. The luxury real estate market is experiencing even more significant growth. The article will tell about real estate prices in Tampa for foreigners, Miami, and Fort Lauderdale. What is the minimum and maximum price for each region?
Some of the best areas to buy villas in Florida include:
- Fort Lauderdale.
The city, located on the coast of Hillsborough Bay, continues to delight investors who have bought residences here. So, in December 2022, the value of the real estate was 10% higher than in December 2021. Such figures are easy to explain because the city is one of the three most popular places to move in the United States.
In February 2023, you can buy a house in Tampa for $221,000. This is the cost of a residence of 88.6 m2 for 3 bedrooms. The most expensive villa in the city costs $23.9 million. The 840 m2 mansion sits on a plot of over 4,000 m2. It is located on the island and offers excellent views of Tampa Bay and 2 marinas.
Select options for investment in Florida by area, comparing the cost in rubles or dollars.
Contact local agents to find out which villas will maximize your rental or resale value.
The famous city offers excellent options for apartments in skyscrapers on the coast and luxurious villas next to them. Residences in Miami can be rented profitably for the short and long term, and the constant flow of tourists increases the value of the properties. So, the cost of rent for the year from February 2022 to February 2023 increased by 10%. And the median home price in Miami is up 21.4% in 2022 compared to 2021. Such statistics make Miami villas a profitable investment for both passive income and resale.
The cost of houses in Miami is from $ 120,000 for a 3-bedroom townhouse with an area of 110 m2. The maximum cost of mansions in the city exceeds $ 55 million for a modern coastal villa with an area of 762 m2 with 7 bedrooms.
First, the city is popular with young and middle-aged people. So, in recent years, 43% of people aged 25 to 45 have come here. This is an excellent opportunity for investors because, at this age, not everyone can afford to buy their own house but is willing to accept rental offers.
In addition, Fort Lauderdale has remained one of the areas in Florida where demand is still outstripping supply, and prices are rising. So, over the past year, the average cost of residences has increased by 13.8%.
According to the site Florida.Realestate, real estate for investment in the city costs from $270,000 for a 3-bedroom house with an area of 104.5 m2. The most expensive object is located on the ocean coast. This is a $35 million mansion. The 6-bedroom house covers an area of 792.5 m2.
The dynamics of the development of the Florida real estate market
Over the past year, housing prices in the state have risen by more than 23%. As the peak of the pandemic declined, tourists and investors rushed to the coast. This led to an increase in demand for housing stock and a reduction in supply. Apartments and houses began to sell faster. According to the US National Association of Realtors, in 2022, 20% of transactions with foreign investors were made in Florida. This confirms the popularity of the state. It is predicted that 2023 will remain the year of sellers, and prices will rise further by the end of the year. This is facilitated not only by demand but also by an increase in prices for building materials. Along with the capitalization, the rent also grows. During the year, its growth reached 35%, which invests in housing to rent profitable.
Prospects for the Florida real estate market
The state’s population has increased by more than 300,000 in the past year. Forecasts assume that growth rates will continue in the future. Comfortable climatic conditions, low tax rates, and affordable housing prices attract internal immigrants and expats from other countries. Unemployment is on the decline, boosting the state’s economy. Based on these data, we can assume a further increase in real estate prices. It is better to invest in housing now, otherwise, you will have to pay more in the future.