Contrary to expectations, the real estate business has had an unusual growth in Florida due to the good management those local authorities gave to the pandemic and the new needs of people, originating in remote work and virtual education, especially. Due to this, the market of the estate in that state experienced a change of behavior on the part of consumers, who chose to increase their living spaces, moving from apartments to houses.
Thus, there was a new dynamic of buying and selling that has made Florida very attractive for American and foreign investors, especially Colombians, with condominiums as an object of great interest. The numbers make us understand that we are facing a super real estate boom in which several variables are gathered: before the pandemic, millennials’ manifested little interest in the purchase of real estate. Now, this generation seeks to build an estate, which includes the acquisition of properties
A second variable is the reported exodus from other states and nations to Florida, increasing its population mass.
We want to live near the sun
Also, there has been a growing number of companies coming from other parts of the United States to settle in Florida, especially for tax issues. For example, New Yorkers pay up to 13 percent less tax than in their home state.
Added to that, in Florida they find a good climate, very different from the harsh that is usually experienced in the northern states. Another thing is that here only the federal tax is paid. Finally, in this state it is not possible to take away their primary homes, which is where they live, people who declare bankruptcy. In fact, many individuals with elevated estates have their primary property in Florida and spend six months a year in the state to meet the requirement, making their property a piggy bank. These advantages also apply to Colombians.
If we compare the tax issue with that of Colombia, the rate they pay on ordinary income is almost half. Additionally, here is not taxed on wealth”. Along with that, a Colombian who wants to make investment in real estate’ will be able to make use of his property whenever he wants and, in the seasons in which he does not inhabit it, he can rent it taking advantage of the digital platforms and the enormous tourist volume of Florida. Various data indicate that, in Orlando alone, 85 million tourists a year are registered. In Miami, the number is 15 million.