Recently, the United Kingdom voted to leave the European Union. All over the media, this decision has been made known as the “brexit.” It will come with many global implications. Some of those will be economic. According ABC Local 10, experts say the effects of the brexit on Miami real estate will be positive.
“London was amongst the world’s most lucrative real estate markets, however, last week’s U.K. vote is already causing property prices to plunge, which means that Florida real estate will likely move up the list of busiest global investment destinations,” Daniel Kodsi, CEO of Paramount Miami Worldcenter, said.
Kodsi is a developer of 24 Florida communities, so he has insight into the market here. More foreign buyers are now expected to flock to South Florida.
“Florida real estate is one of the most valuable properties in the world, yet is less expensive per square foot than Paris, New York and other global cities, but its valuations are consistently greater,” Kodsi said. “Brexit adds a new dimension to the global real estate investment landscape, which will take time to fully understand but may, with near immediacy, trigger a surge in additional foreign investment in Florida.”
These foreign investors will not only bring wealth to Miami, they will bring knowledge, new companies, new stores, and more. Kodsi predicts that about 20,000 will move downtown. These effects of the brexit on Miami could be very exciting for the city!
At RE/MAX Paradise, we are happy that Miami continues to be a popular and busy city. Its real estate continues to be sought after by foreigners, and the brexit will draw in more. If you are looking to make a real estate investment in Miami, check out our commercial and residential properties. Also contact one of our agents for all kinds of expert advice.