Florida is the number one holiday destination in the world, and many investors from all parts of the world have invested here over the past decades.
Investors are attracted for many reasons: the weather, the lifestyle, diversity of business, the strength of foreign currency against the US Dollar and of course the endless number of leisure activities available for the whole family to enjoy on their holiday in the sunshine state.
Recognising that foreign nationals invest heavily in Florida each year, the purchasing process and financial assistance available is much greater and simpler than in most other states of the USA.
Florida has one of the most advanced and diverse economies in the US. The state has a sophisticated service sector with trade and tourism being the main forces behind economic growth. Its economy is the fastest growing among the ten states in the US. If Florida was an independent country, it would have the 20th largest economy in the world.
Florida leads the south-east in farming, producing about 75 per cent of American oranges and supplying 40 percent of the world's orange juice. By contrast, Florida has one of the highest rates of business formation in the US and has managed to successfully develop its high-tech industry. Growth has been especially strong in business services, trade, transportation, aerospace, tourism, education, healthcare, construction and real estate.
Buyers Market
As the US economy recently slid into recession and the long-standing property boom ended, many developers in Florida have faced tough market conditions in which to promote their projects. One consequence of this has been that buyers have been able to get some great discounts on new businesses and properties. Another is that the exchange rate between the US Dollar and other currencies means investors are getting far more property for their local funds.
The economic crisis has created an ideal opportunity to buy property at low prices and global property experts are predicting that the fall in Florida property is almost at an end, and prices have nearly 'bottomed out', so for people buying now it could be the perfect time for an investment.
From a business standpoint, distressed and bank-owned properties have flooded the market bringing a wealth of growth opportunities to the dicerning investor. Of course, local connections and a sound understanding of the local market is essential which is where we come in - we take the hard work out of finding the 'golden nugget' and take care of everything for our clients.
Tourism
Florida is predominantly a service-based economy and tourism is its biggest industry. The number of tourists has been steadily rising since 2001 and reached 85 million in 2005 with revenues of $62 billion and employment within the sector of 944,500 workers. One dollar in every seven spent by overseas tourists in the US is spent in Florida which makes the service industry here one of the most attractive in the world.
Barack Obama
Barack Obama won a landslide Democrat victory as President of the USA on 4th November 2008. Although he still has the tall order ahead to rectify the state of the nation's economy, politically, many citizens and investors in the USA now also hope for much improvement. Emphasis on political stability and world peace is high on the agenda, a concept that will bring with it refreshed confidence and investment potential for the USA.
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