Per square foot is the average listed value of real estate in Miami.
The Miami real estate sector does not stop growing and continues to develop new opportunities for Colombian investors.
According to the National Association of Realtors, between 2019 and 2020 national companies were among the city’s top five investors with investments exceeding US$1.3 billion.
“The Colombian investor has many facilities to acquire a property in this city, and there are real estate companies that have been able to integrate a model that guarantees the best investment for their clients, and at the same time, manage their properties to give them more profitability in dollars that can be up to 10% annually,” Rudi Siber, CEO of Sieber International explained.
The real estate business leader reiterates that he is watching the current market conditions, which are very favorable and attractive for Colombian investment in the short term.
The truth is that Miami is one of the best places to invest, and it is profitable in the long and medium term. At a recent Bloomberg forum “The New Miami,” it was highlighted that financial companies are attracted to warmer weather and lower taxes.
“Miami has experienced significant growth and in the past two years has achieved what it had planned in infrastructure and growth for 2042. It is the second most important financial center in the United States, and in 3 years it is expected to exceed the size of the bank,” Siber stressed.
The volatility of financial markets, inflation, as well as the social and political instability that some countries in the region are experiencing, are situations that lead investors to see the real estate market as a viable option for profitability and the United States, especially Miami, continues to break records in this matter.
“By investing in real estate, you can make a high dollar return, either by purchasing plans, immediate delivery or through resale opportunities. Simply pay 30% down payment with mortgage financing and returns up to 10%, which is possible thanks to Short-term rentals in a city with high demand for tourism and accommodation,” explained Siber.
And the numbers are very encouraging: more than 448 million people share their homes around the world; Total revenue is expected to exceed $88 billion from vacation rentals in the United States by 2023; One in four Americans uses short-term rental platforms; and the Millennials Those who choose to lease, choose to do so in the short term.
Another attraction of the Miami real estate market is the square foot price, given that it is competitively priced, not only compared to other cities in the United States.
Whereas the average price for a three-bedroom home in the US ranges between $250,000 and $300,000, in cities like Los Angeles or San Francisco, this property will cost $850,000, in Miami, for a space Similar, the market will offer a residence price of US$410,000, and an average price per square foot of US$337.
Added to the above is the fact that rents in Florida have increased significantly. According to the realtor.com portal, the price is up 57.2% in the Miami metropolitan area compared to last year. Similarly, it increased by 35% in Orlando and 31.1% in the metropolitan areas of Tampa and Saint Petersburg.
For its part, southfloridaagent portal records that the cost per square meter in some exclusive and popular areas of Miami, Western Fort Lauderdale, and Palm Beach has seen more extreme changes with higher prices.
According to the report, the value of a three-bedroom home has an average price of $578,000. Thus, for this real estate portal, the price is a reflection of the highest year-on-year price increase in the US: 38.3% more.