UNIQDOT -joint venture between Unique International Properties and the consulting firm Necdot- advances the real estate panorama of Miami, and ensures that by 2024, the city will become the new New York of the United States. “Miami will be the new financial center of the United States, replacing New York; It will also have a rate close to 6%, generating economic stability; a growing market with greater supply and demand in the area,” the company stated in a statement.
The above is due to the panorama provided by 2023, where the region showed that it is a leading real estate market in investment. According to figures from Miami Relator, the city exceeded investment numbers compared to 2022, especially in Miami-Dade, Broward, Palm Beach, Martin and St. Lucie Counties. Pedro Mingo, co-founder of UNIQDOT, noted that “the South Florida real estate market saw new homes for sale, even as mortgage rates continued to rise to nearly 8% in October.”
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Another key to the Miami real estate market would be the weakening of inflation and expectations of a rate cut by the Federal Reserve. UNIQDOT co-founder Paula Sanchez stated that “The 30-year fixed-rate mortgage on conforming loans fell to 7.29% in the week of November 22, slightly lower than the 7.44% of the week of November 22. previous week,” said Sanchez, and also predicted a downward trend this year, which would stimulate “a double-digit recovery in home sales.”
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Continuing with its projection, the brokerage indicates that “Without inflationary pressures, the 30-year mortgage rate could fall to around 5.75% by the end of 2024, and we believe inflation will continue to fall to the 2.5% range at the end of 2024. 2.75%. Therefore, I do not see major inflationary pressures on the horizon. Nationally, labor demand and supply are coming into better balance, which means less upward pressure on wage growth.”
What UNIQDOT stipulates is that the repressed purchases in 2023 will stimulate a 10% rebound in the real estate market during 2024. In South Florida there would now be 47 building projects under construction projected for 2025 and 2026, which implies a total of 6,788 units. For Paula Sanchez, Miami has a real estate advantage over New York because it maintains lower prices, coupled with an “attractive” quality of life, due to the climate and safety.
Sanchez also added that a good option is to buy in pre-construction, “since you get a discount price, you pay in installments (you must pay between 40%/50% while it is being built) and most likely when the building is finished, the purchase can be financed at a better interest rate.”
2024-01-12 21:07:29
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