Considering the high figures for renting and buying a home, the cost of the South Florida real estate market is a topic of interest, which is why many people wonder how much homes in Miami cost.
Statistics obtained by the El Nuevo Herald show that costs were on the rise during the first half of the year, while at the same time sales were down in Miami-Dade and Brown counties. to high costs.
According to relevant media citing data from the Miami Association of Realtors, prices are rising and there are fewer buyers due to high interest rates.
Florida law restricts foreigners from buying real estate
How much does a house cost in Miami?
American media gave a possible explanation, which is related to the arrival of Lionel Messi, who recently bought a mansion worth $10.8 million in Fort Lauderdale.
The soccer star officially settled in Miami with his family in July after ending his contract with Paris Saint-Germain. Since then, the Messi phenomenon has taken off in the city, with the media attributing the increased cost to the Argentinian, but that’s not entirely true.
According to El Nuevo Herald, that would bring condo prices in Miami to $418,000 and single-family homes to $622,500, historic increases for the city.
Why are Florida home prices rising?
Messi’s arrival is not the only reason. While real estate sales are down in Miami-Dade County, higher prices may also be related to the effects of summer, Telemundo 51 reports.
Even so, South Florida remains a business-friendly environment, coupled with zero state income taxes and, last but not least, a warm climate.
“People think Miami is the future,” Ron Shuffield, executive president of real estate company Berkshire Hathaway HomeServices EWM Realty, told the media.
As a result, metropolitan areas such as Fort Lauderdale and West Palm Beach are considered to be in high demand when looking for property, especially considering the unemployment rate in these areas is 2%, according to the federal Bureau of Labor Statistics. Quoted by American media.
These areas have strong labor markets, which in turn translates into better working conditions, allowing potential buyers to earn enough to pay their mortgages.
“I think a lot of neighborhoods are being improved with renovations based on the demand we have right now and the quality we’re seeing. All of those are advantages for people who want to come here,” Ron Shuffield said. (and)