July 1, 2016
Brits have largely favored Florida when it comes to buying real estate in the Unites States, so many have been wondering how their surprise vote to leave the European Union may affect the real estate market in the Sunshine State. From April 2014 to March 2015, homebuyers from the U.K. made 29 percent of their U.S. real estate purchased in Florida. Arizona was a distant second, accounting for only 8 percent of residential purchases.
“It is very clear that Brexit will ultimately fare well for major metropolitan cities in the U.S, as British buyers search for safer havens for their capital," CEO of Douglas Elliman Florida Jay Parker stated.
He continued to say that he foresees a "tremendous amount of people" liquidating their assets in the United Kingdom and placing them in the United States. South Florida is especially appealling due to the large supply of comparatively low-priced luxury real estate. Miami offers real estate investors more for their money than any other major American city, according to data accumulated by Knight Frank.
The value of the pound is the only questionable component. However, Jay Parker believes that fear spurs purchasing activity. If Brits believe their economy is in jeopardy, they would likely seek to move their assets to less vulnerable markets, such as the U.S.
“This isn’t a new concept,” Mr. Parker said. “We‘ve seen it with the Brazilians, the Argentines, Venezuelans, Turks.”
For more information on luxury real estate in South Florida, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422.
Source: Mansion Global
