The Top 5 Reasons Why Miami Property Prices are Increasing Non Stop!
Anyone who wants to invest in property in 2020 will have a hard time finding a better place to buy than in Miami! The Miami housing market has increased in value so much that the median house value is huge. This means re-sales are your opportunity to make money – big time! If you want to invest in Miami homes then now is the time… Here are the top 5 reasons why Miami property prices will bring you great ROI.
Why Miami is Hot for Property Investment in 2020
Miami property prices are on the rise – but why? Here are our top five reasons why Miami property is the best investment you could possibly make in the coming years.
1 – Miami doesn’t do State or Income Tax!
When you make a property investment in Miami you don’t need to worry about paying either tax to the state, or income tax. This makes it a much more affordable state to live in than most places. This is a huge tax advantage for those of us that want to hold on to our hard earned cash! A Miami address can actually help provide financial stability in the long run by avoiding these taxes[i].
2 – Market Values are Appreciating
The Miami real estate market has been steadily on the up for the last ten years. Sources even have it at a spike in the last quarter of 2019. The spike was applied to condos and high end properties. This can possible be attributed to all those holiday makers snapping up a bargain for next summer.
3 – Single Family Homes are up Double Digits
Sales of single family homes and single family condos are up double digits right now. That’s more than 10% increase in sales across the board. If you leave making that Miami property investment too long then you may find yourself too late to get the best bargains. The World Property Journal, who reported the spike in sales, speculates that increased migration, better consumer confidence, and steady growth are responsible.
4 – 7 Steady Years of Raised Values
Year-on-year, Miami has seen steady rises in market value and property purchasing. The luxury property market seems to be where the most growth is – which means that the everyday property buyer can still get a reasonable rate on the potential non-luxury home of their dreams!
5 – Miami is a Vacation Destination!
Miami is one of the more popular Florida cities to visit. In 2018 alone the GMCVB announced there were more than 16.5 million overnight visitors in the city… and each of those needs a place to stay. AirBNB[ii] in Miami is on the rise, add to this the potential for resale as a holiday let and you could find yourself at the very lucrative end of a good deal.
Besides anything else, investing in holiday properties that you let out in peak seasons should pay for it. Not only that, but it will provide you with a nice place to retire to, when the time eventually comes.
Consider Miami for Property Investment!
Our key take-away of the day is that Miami looks more and more like a great place to invest. Think about it, then call us. We have the inside scoop ready and waiting.