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Florida's thrills and spills

9th July 2008 | back to article listings BACK    print this article PRINT

Florida has long been a destination enjoyed by British holidaymakers. It offers a winning formula for sun-seeking Brits requiring entertainment and sandy beaches, with locals that can speak English. Plus, parents can be assured that most restaurants in the state will be a suitable choice for any picky kids - chips, burgers, pizzas and milkshakes are guaranteed happy holiday foods. The sunshine state also has big attractions to keep the children entertained. Universal Studios, Walt Disney World Resort, Animal Kingdom and SeaWorld are must-see venues for anyone staying near Orlando.

However, as far as property investment goes, it is not just Orlando that offers potential, according to Carlo Walther, head of business development for RightmoveOverseas.co.uk. He agrees that the big name attractions are a magnet for investment, saying: "The theme parks in Florida are the most visited attraction in the US and so yes - a lot of buyers are looking for both a holiday home but are also looking to rent that property out when they're not using it."

But Mr Walther claims that there are other potentially lucrative markets being investigated by savvy investors. "We are seeing [more enquiries for] other areas - for example, places like Fort Myers, on the Gulf Coast, and that's slightly different. That appeals to the US retiree market and the local market. So we’re seeing quite a lot of investors looking at other areas of Florida, and holiday home buyers as well," he remarks. "So it's not just Orlando, by any means," he adds. Although, Mr Walther admits that the state of Florida is the main line of inquiry for investors as British holidaymakers seem to consistently enjoy the area's climate, culture and people, with New York and California the only other areas of the US registering on the property investment radar.

And it appears that market forces could well have swung in the favour of foreign investment. With the US still suffering the aftermath of the subprime crisis and credit crunch, property values in the area have slumped. The S&P/Case-Shiller Home Price Indices for February 2008 revealed that house prices in Miami slipped by 21.7 per cent. In fact, a record drop of 13.6 per cent was recorded for the ten city composite average, with properties in Las Vegas falling by 22.8 per cent. Furthermore, the strength of the pound against the dollar in the current economic environment also suggests investing across the pond could be a shrewd move.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4275.html. Alternatively, please see our full press release archive.

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