While Florida is well known across the United States as an excellent place to invest in real estate, the sunshine state is a top real estate investment destination for global buyers too.
Florida’s continuing population boom, low tax rates, and plethora of soft factors including warm weather and sunny beaches all help explain why the state is the number one investment destination for international property buyers in America.
But beyond all of the factors that make the state as a whole an investment draw, many of Florida’s major metro areas have their own distinct allure that makes them tantalizing to foreign investors.
Here are the top cities in Florida for foreign buyers, along with some reasons why each market has so much global pull.
#1 Miami, Florida
When it comes to world-class amenities and soft factor draws, there are few cities in the U.S. that can compete with Miami. The larger Dade County area on the whole represents everything that is picturesque Florida, from the peerless sunny beaches to the year round warm weather. But Miami itself packs on a lot more than natural beauty, with an incredibly vibrant art and music scene, and world-class athletics teams.
In addition to all these soft factors that make Miami a highly attractive real estate market, its proximity to Latin America has made the city an especially booming market for international investors. Considered the “gateway to the Caribbean,” Miami has a cosmopolitan character shaped by its large Latin American population that attracts investors from the region, and draws investors from Western Europe and other overseas markets.
#2 Jacksonville, Florida
Compared to many of Florida’s other large cities, Jacksonville is a lot quieter and lacks the huge flocks of tourist visitors. But there are plenty of other reasons why Jacksonville is still a top international real estate investment destination. For starters there’s the warm winters and mild climate that make all of Florida an attractive place to own property, but Jacksonville’s charms go beyond that.
As the largest city in the Sunshine State, Jacksonville has a very diverse economy, driven in part by the fact that it is home to the second largest port on the East Coast. Jacksonville is a rail and highway focal point as well, making it a bustling shipping hub for a variety of industries. From finance, to manufacturing, to distribution, Jacksonville has a vibrant and diversified economy, making its real estate investments more stable than some of Florida’s bigger tourist markets.
#3 Orlando, Florida
Tourism is big industry for all of Florida, but nowhere has as many tourist draws as Orlando.
Known as the “Theme Park Capitol of the World”, Orlando metro area is home to the largest theme park, Walt Disney World. Universal Orlando Resort, Universal Studios Florida, Sea World, Gatorland, and Wet n’ Wild call Orlando home as well, but there’s more to the city than just theme parks. Orlando is also one of the top convention destinations in the U.S., and conference goers help make Orlando’s airport one of the nation’s most traveled.
For foreign investors, all of this means that Orlando’s economy is based largely on tourism, which is more stable in Orlando than in just about any other city. Foreign investors in Orlando can capitalize on the consistently growing tourist economy to purchase stakes in profitable commercial properties, or get a piece of Orlando’s booming building market.
#4 Tampa, Florida
Investment publications as renowned as CNN Money and the Wall Street Journal have named Tampa among the top 10 best cities to invest in for rental properties, and for good reason.
Tampa has all of the natural beauty of Miami, with some of the most beautiful white sand beaches in the world. It has the diversified and vibrant economy of Jacksonville, evidenced by the fact that it was recently named the third best city in the country to find a job. And while it may not be the same international tourist hub as Orlando, a host of attractions make Tampa a hot destination for regional travelers.
All of these soft factors add up to a bustling real estate market that just keeps going, drawing in international investors thanks to steady returns and high demands for rental properties. As the economic center of Western Florida, Tampa brings a lot to the table, and savvy international investors are taking notice as prices and demand continue to rise. Tampa was named #6 on CNN Money’s 2014 list of the nation’s hottest housing markets, and international investors are getting in now, before Tampa jumps up even higher in the rankings.
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