Miami has historically been perceived as an ideal destination to escape the cold seasons of the temperate regions in the United States. At the first sign of snow, working-class citizens begin feverishly packing their bags and planning their next Florida escape. With a Latin-infused culture, raging film and fashion industries and a multitude of outdoor activities to engage in, it’s not surprising that Miami ranks number two on Lonely Planet’s “Top Ten Places to Go in Florida” list, outranked only by Disney World.
Temperatures aren’t the only steamy reason to visit Miami, however. A cooling of the Italian real-estate market has many foreign investors seeking the stability and active growth of the city’s economy. The favorable Euro to Dollar exchange rate and ease of financing has contributed to the demand for both first and second home purchases with a particular influx of first time home buyers from South America. Due to the potential increase in long-term interest rates throughout Europe, real-estate pricing may become a challenge across the region, piquing the interest of not only Italian investors but those originating from other countries as well. The potential Miami has to maintain a steady real-estate growth rate and seeming lack of vulnerability to economic recession sends a call of action to foreign investors seeking returns in the near-term market.
Conversions of Art Deco buildings to condos, skyscrapers in downtown, detached homes, apartment buildings and a plethora of pre-construction investments create a dynamic environment for an assortment of investors with a broad range in the budget. At the tip of the Sunshine State, Miami sits waiting as a safe harbor for those escaping the cold both literally and figuratively. Whether serving as an escape from the cooling temperatures or a cooling real-estate market, Miami really is HOT in all the right ways.