Figures released this month reveal that the prices of condominiums in Florida have increased by 19.3% year-on-year. This is just one of the areas in which property investors can profit from properties in Florida, according to property investment firm Colordarcy.
"This is quite a turnaround when we consider that the Florida property market was seen hurtling to the bottom back in 2008-9, with no end in sight at the time," says the managing director of Colordarcy, Loxley McKenzie. "Back then all the talk was about was how could Florida and other bubble-hit states in the US ever possibly recover?"
Property market analysts at Colordarcy believe that the truth is that in comparison to Florida and a number of other states in the US that are starting to show growth, the great majority of countries in Europe are around two to three years behind when it comes to their property cycle.
This does not, however, mean that everywhere in Florida is necessarily a goldmine for property investors. Some areas are very hot while others are still stuck at the bottom. The city in Florida that has been seeing the most attention in 2012 is undoubtedly Miami, with the median list of property in Miami having risen 11.69% year-on-year. This is actually a slowing of the pace that at one stage saw prices increasing at a rate of 19.4%.
"The big draw in Miami is sunshine and beaches, and there have been plenty of cash-buying sun-seekers from countries including Canada and Brazil," McKenzie adds.
Downtown apartments in Miami can now be found from prices as low as $210,000 at a 50% discount.
