Real estate is closely linked to cycles of economic growth or recession. As demand increases, prices rise and vice versa. In 2007, the US was hit by a major crisis with dramatic consequences. The industry did not raise its head before 2011.
Since then, prices have started to rise again, so banks have slowly resumed funding projects, wealth creation has accelerated, improving employment, increasing personal incomes. The construction sector has recovered, with average annual growth of nearly 5% over the past 5 years.
At the same time, the slow increase in interest rates combined with the affordable prices of properties has helped to maintain high demand and ensure a continuing growth of the real estate industry.
On the other hand, the gradual recovery of the US economy has benefited the commercial and industrial sectors, generating sustained demand for offices, commercial, logistics and production spaces. This sustained growth makes it possible to consider the oncoming years with some confidence: increase in the housing stock, increase in the value of residential construction, decrease in vacancy rates (residential and commercial), increase in rental markets, etc.
Foreign buyers account for 8% of real estate transactions in the US, for about $ 80 billion, among which 26% in Florida.
By 2016, Miami has a population of about 450,000, Miami-Dade County nearly 2.7 million, the neighboring county, Broward (Fort Lauderdale), a population of 1.9 million, with a local unemployment rate around 5.2%.
PRIVEAST is active in this geographical area, and focusing on this clientele of foreign investors, but also on individuals and companies in the counties of Miami-Dade and Broward who have the capacity and the desire to buy quality residential or commercial properties in Florida.
Although PRIVEAST’s main source of revenue is real estate sales, the Company also offers property management services (overall management of a property including maintenance, collection of rents, waste management, safety and certain activities of rehabbing / remodeling).