Florida property prices are growing at a rate unseen since 2005, according to a Colordarcy analysis of Florida realtors’ data and real estate portals.
Investors from Canada to Asia are capitalizing on a weak dollar compared to their home countries’ currencies and a slate of new luxury condo projects, according to Colordarcy, a UK-based property investment consultancy.
Median sales prices for single-family homes across Florida shot up by 16 percent from February to March, the biggest month-on-month gain since the height of the previous boom. Florida property prices have risen for 16 consecutive months.
Amid the 2008 bust, prices dropped to exaggerated levels.
“It is not surprising that property prices in Florida continue to rise. It is eight years since the peak of the last boom and it will take time for property prices to rise to the kind of levels they were at in 2005, allowing for inflation,” Loxley McKenzie, Colordarcy’s managing director, said in a news release. The consultancy focuses on investment properties that will immediately generate positive cash flow, in the UK, Brazil, Turkey and Florida. –Emily Schmall