Florida Displaces New York: The Real Estate Boom That Conquers Chilean Investors

In recent months, the real estate market in the state of Florida has experienced spectacular growth, surpassing even New York in the national rankings. According to a Zillow report, the total value of residential properties has reached an astounding USD 160 billion since June 2022, making Florida the new epicenter of real estate in the United States.

Miami Climbs in Metropolitan Markets

This real estate boom has propelled Miami up the ranks of metropolitan real estate markets, now placing it in the fifth position. This notable advancement is largely due to the substantial increase in population in the state, according to Zillow experts. Miami has even surpassed Washington D.C., the nation's capital, marking a significant shift from its ninth-place position in May 2021.

Preference of Chilean Investors

A real estate firm with Chilean capital highlights that the United States, particularly the state of Florida, has become the preferred destination for Chilean investors. From 2021 to 2022, Chilean investment in the U.S. market experienced an impressive 400% increase.

Key Factors Behind the Real Estate Boom in Florida

Alan Ferszt, manager and founder of Owny, points to a series of factors contributing to the real estate boom phenomenon in Florida:

1. Quality of Life and Warm Climate
Florida offers an exceptional quality of life with its warm climate and beautiful beaches, making it a magnet for those seeking a relaxed lifestyle.

2. Health, Education, and Recreational Services
The availability of quality health services, education, and a wide range of recreational activities makes Florida an attractive place to live.

3. Tourism Boom in Florida
The record of 137.6 million visitors in 2022 reflects Florida's tourism success, solidifying it as a growing destination.

Impact on Real Estate Transactions

Figures from the Miami Association of Realtors and the MLS reveal an increase in sales transactions, driven by both internal demand and Latin migration. 2022 solidified Florida, California, and Texas as leading destinations for real estate investment in the U.S., with Chilean investments representing 3% of the total in Miami, approaching countries like Canada, Colombia, and Argentina.

Are you ready to join Florida's real estate boom? Discover why Chilean investors choose this vibrant state as their preferred destination.