Since the pandemic, demand for real estate in South Florida has increased. South Florida counts about 100 cities and towns, including Miami, Fort Lauderdale, West Palm Beach, Boca Raton, Boynton Beach and North Miami. South Florida, also known as the Greater Miami Area, is the seventh largest metropolitan area in the US and the second largest in the southeastern US. The area’s population exceeds 6.7 million and spans 6,000 square miles. In the two pandemic years, the South Florida population grew by 329,000 new residents. During the same period, the Greater Miami area’s real estate market was honored as it earned the title of the most competitive rental market in the US. South Florida has become a popular destination for those looking for more space and a new lifestyle because of its beaches, sunshine, tax breaks and more. The relocation of business leaders from the Northeast, California, Chicago and other major cities to Miami has turned the city into a hub for startups and the VC community.
Underlying the strength of South Florida real estate are a number of unique factors. One of the main reasons for this strength is the migration of business people from high-tax urban areas, which explains why South Florida’s population growth has outpaced the US average over the past ten years—10.3% versus 7.4%. The business migration is not just for tax reasons: South Florida’s economy is the 12th largest in the US, its economic output is equal to that of Israel or Chile and its GDP has grown by a spectacular 46% in the last ten years. The work situation is also on the bright side. South Florida’s labor market is expected to grow 7.5% annually, outpacing other metro areas, with construction, retail, transportation, the hospitality sector and financial services leading the pack.
In addition to more than 1,400 multinational companies that feel at home there, South Florida is home to corporate giants such as Microsoft, Spotify, Goldman Sachs, Chiquita Brands International, Sixt rent a car, and Hong Kong-based Techtronic Industries (maker of brands such as eg as Milwaukee Tool, Ryobi, Hoover and Oreck), to name just a few.
Given its undeniable benefits and irresistible allure, South Florida is the place to be. For the thousands of newcomers to the Sunshine State looking for a place to live and bask in the Miami sun, there should be no doubt that this place will never lose its value. One of the leading specialists in South Florida real estate is Jonathan Campau, founder of Luxuri, a real estate and vacation rental brokerage specializing in luxury rental and concierge services that are innovating the vacation rental space and the real estate investment space. Campau confirms this: “The luxury market will remain intact and rise over the next 8 to 12 months as cash buyers, investors, New Yorkers, Californians and international buyers continue to migrate to the region to make their fortunes in the South Florida market to spend. , it’s a frenzy down here for the highest and best in the luxury waterfront real estate market. I speak from experience as over 75% of Luxuri’s international buyers in the high-end market have been cash buyers who don’t rely on high-interest loans .Furthermore, I believe that Miami will see the return of South American buyers who have been under lock and key for the past year and a half due to Covid.” Campau’s experience in Miami Real Estate is based on years in the upper echelon of vacation rentals and related concierge services for which Luxuri is known. The inside knowledge of Miami Real Estate, especially its premium segment, which Campau readily shares, is genuine and reliable. As potential buyers of Miami properties may have concerns about the federal government’s property tax increase or rate hikes, Campau is confident that the luxury segment of the real estate market will remain stable.