If you’ve been hearing that the South Florida real estate market will face a slow year in 2016, you’ve been seriously misinformed. Rumors have been floating around, but they couldn’t be further from the truth. On the contrary, real estate insiders are forecasting a strong year for the market, continuing with the trend for 2015.
What sparked the rumors?
The main concern of those who are predicting a rough 2016 is the concern that South Florida’s market is in a bubble. However, a survey conducted by law firm Berger Singerman of approximately 100 realtors, developers, investors, lenders, and contractors showed that most don’t seem to think this is the case. There’s simply no evidence to support it.
Another concern, and one with more substance, is that the global economy is uncertain. It’s true that areas that have contributed highly to the market’s success, like Latin America and Europe, are facing economic struggles. Yet, popular opinion doesn’t deem this to be a threat either. South Florida is drawing a great deal of attention from other investors, like financial institutions. Thanks to technological advances, many financial companies are flocking from traditional locations like Wall Street, to more appealing locations, such as South Florida. Chinese developers are also on the rise in the area, and that trend is likely to continue. In fact, development is one of the key areas for growth we can expect to see in 2016.
What to Expect This Year
As previously stated, South Florida is set to see a steady increase in development. Developers are building more than just condos. Much like in 2015, this will be a major area of growth for the region’s real estate market.
That’s not to say the housing market will be lacking. Instead, South Florida’s real estate market will simply become more diverse in the months to come. With a promise of another strong year, there’s really no better time to buy a home in South Florida. If you’re looking to kick off your new year with an elevated real estate experience, you’re in the right place. Schedule an initial consultation with Jack Elkins to be paired with your perfect piece of Palm Beach Island real estate.