Savvy investors know that it is necessary to diversify their investment portfolios in order to mitigate risk. Real estate can be a lucrative investment, but it’s vital to choose the market wisely, including looking abroad when the real estate market at home performs poorly. According to a recent report from the National Association of Realtors, in the United States, Florida is the state most international real estate buyers choose and Miami is Florida’s top market.
It’s easy to see why smart investors choose Miami. First, the city’s affordability has made it a popular choice. Where a modest home in San Francisco will typically cost over $750,000, the average cost of a single-family home in Miami is around $305,000, and luxury properties can be had at bargain prices.
Miami real estate investments also make fantastic vacation homes. With an average winter temperature of 75°F (23°C), Miami is an ideal escape from cold weather. The city features 15 miles of beaches and easy access to outdoor sports like snorkeling, boating and fishing. Moreover, the city is famous for its nightlife, with great night clubs and bars, and as the United States’ most international city, Miami offers restaurants featuring cuisine from all over the globe.
Finally, investors looking for rental properties will find a strong rental market in Miami. The city’s many dining and entertainment options make homes located downtown desirable to renters, while those who are willing to travel a bit in order to obtain more space for their money are filling the nearby neighborhoods.