You know Miami as home to the stars, the infamous Dolphins and non-stop nightlife, but have you ever considered a move to Miami, the Magic City of the US?

Miami has pristine white-sand beaches, a generously warm climate and is a hub for delicious cuisine. There’s a huge Latin-American influence in Miami which enhances the local culture for all who move there.

A little background

Located on the south-eastern tip of The Sunshine State is the incredible metropolis of Miami. Home to over 400,000 people, it’s a city that not only boasts an enviable climate but is also a commercial centre. It is home to some of the country’s best beaches, incredible retail opportunities, fine cuisine and a huge array of entertainment options. The city has a fascinating history and a unique culture that’s a result of the many nationalities that call it home.

Lifestyle and culture

Expect your neighbours to hail from Cuba, the Caribbean and Central America. Better start brushing up on your Spanish! A lot of people speak Spanish in Miami so it’ll help if you know enough to get buy, plus it’ll hide the fact that you’re new to the Miami scene!

As Cuba increasingly opens up to US business, the investment case is pretty good too. Just ask Andy Murray, the British tennis ace followed in the footsteps of Fred Perry in buying a Miami home and ended up putting it on the market for twice what he paid eight years ago.

Beautiful beaches

It’d be an insult to the city to not start with its glorious beaches. Americans travel cross-country each year to enjoy the white sands of Miami Beach. It’s a mix of quieter neighbourhoods on a barrier island which is connected to mainland Florida via a series of bridges.

The most action-packed area is known as South Beach, where you’ll find locals flying along the boardwalk on retro roller skates and perhaps a celeb or two on their morning runs (a very Miami-thing to do).

Ocean Drive

One of the main streets in Miami is Ocean Drive. A hotspot you’ll recognise from Julia Roberts’ Pretty Woman, Whitney Houston’s The Bodyguard and Al Pacino’s Scarface. Ocean drive is home to some of the city’s most notable Art Deco buildings, which also dominate the South Beach neighbourhood.

Everglades National Park

Just a short drive from Miami you’ll find Everglades National Park. It’s a 1.5-million-acre wetlands preserve which is home to an abundance of wildlife which include the endangered leatherback turtle, West Indian manatee and Florida panther. A must-visit if you’re in the area or scheduling a viewing trip.

The property market

Not unlike the rest of the US, property prices are rising in Miami. However, while the prices increased in the wake of the pandemic, economist suggest that a promising strategy may be to build a rental portfolio. Great news for those looking to make an investment purchase.

According to a recent report by ATTOM Data Solutions, one in every 3,099 Florida homes is in some state of distress. While it remains to be seen whether these properties are selling for less, there may be some

For those considering a move to Miami, the demand for rentals is still there and the city has a 22.63 price-to-rent ratio. This suggests that renting is more affordable than owning, however, there is a huge market for those who own and let out to holidaymakers and tourists as Miami remains a popular vacation site for many across the US.

Miami has and will continue to have high home values, due to its sought-after location and proximity to major attractions such as Miami Beach and Bayside marketplace.

 

Written by PropertyGuides for Rightmove

For more information on buying abroad get your FREE Country Buying Guide! Browse all guides here. 

If you are considering an overseas property purchase, whether for lifestyle or investment, opening a no-obligation account with FCA-authorised Smart Currency Exchange will enable you to benefit from their competitive exchange rates and specialist currency knowledge, ultimately saving you money and time. For more information, visit Smart Currency Exchange.