The South Florida market has become the object of interest of Middle Eastern investors in recent years. Consequently, the real estate market in Florida and the US at large is booming. For example, the year of 2019 marked a record-breaking 71% of foreign sales achievement. Out of this, as much as 11% were investors from the Middle East. This begs the question: Why is South Florida interesting to Middle Eastern investors? Let us find out.
Why is South Florida interesting to Middle Eastern investors?
The Middle East and parts of South Asia have become an influential force in the South Florida real estate world. This is because they typically invest anywhere from $1 million to more than $5 million dollars into properties located in the southern parts of Florida. So, this means that the Miami Dade County area noticed a major influx of foreign assets, especially in the last several years.
We’ll discuss the main reasons that there is such interest in South Florida real estate coming from the Middle East.
Stable economic growth
Florida is the fourth-largest economy in the US, with $1.1 trillion in GDP in 2019. So, South Florida’s economy has exhibited a very beneficial upwards trend. This is especially pronounced when it comes to long-term holders. The fact that Florida has a steady GDP is something the Middle Easterners find appealing. This is why they increasingly buy property in the Sunshine state. If you are looking to move to South Florida, check out northmiamimover.com for useful tips and tricks.
This also has to do with the fact that Florida’s tourism attracts a lot of people from all over the world. The foreign investors from the Middle East are looking to get into the tourist rental business due to this fact.
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Florida is well connected
It is very easy to fly anywhere from the Middle Eastern region. South Florida’s officials have recognized this and made arrangements with three huge airlines companies to achieve this. So, having regular flights from any part of the Middle East also stimulates real estate investors to consider Florida as an interesting location for purchasing a home or moving their business.
Although it is relatively easy for you to go to any part of South Florida, relocating your belongings may not be as smooth. Since moving from Saudi Arabia to South Florida comes with its set of challenges, it is best you hire a moving crew that specializes in international moves from Saudi Arabia – such as Four Winds SA.
Favorable exchange rates and a huge rise in interest in residential and commercial real estate makes South Florida properties one of the most sought after in the US. All in all, it is our hope that this short article answers the question of why is South Florida interesting to Middle Eastern investors.