International buyers purchasing in Florida
Florida is attracting more and more attention from overseas property buyers, an expert has stated.
According to Marc Da-Silva, freelance property journalist and founder of PropertyJournalist.com, there has been a "significant" surge in the number of foreign and domestic buyers purchasing homes in the US state.
A shortage of housing was said to be the key attraction, as it is pushing up prices and therefore offering good capital growth prospects to real estate investors.
"In places like Daytona Beach, there are reports of high capital growth in the next five years in these areas, because property prices look very cheap in relation to wages," Mr Da-Silva commented.
This, he stated, means it appeals both to local people and buyers from other countries.
Mr Da-Silva noted that Britons in particular have been keen to snap up homes in Florida, since the region is ideal both as a second home destination and a place to make money on an investment.
"Brits are naturally going to always look at Florida," he said.
However, Mr Da-Silva noted that buyers from the UK need to be cautious because there are many foreclosed properties on the books of local banks.
"There was talk that the banks might release some of these onto the market," he observed, before pointing out this could have a negative effect on the sector as a whole.
Mr Da-Silva added that overseas property investors from the UK are also looking for opportunities in New York.
Indeed, he noted that prime parts of the city can be compared favourably with the prime central London market, which makes it an appealing option for many.
This comes after David M. Blitzer, Chairman of the Index Committee at S&P Dow, said the latest Standard & Poor's / Case Shiller index suggests a recovery in the US housing market may be on the way, as there is positive news in both the monthly and annual house price figures.