Europe’s financial woes may be South Florida’s gain — at least when it comes to real estate.
Europeans with extra cash are looking to invest faster in second homes in South Florida before the value of their euro currency drops further, real estate specialists said.
Euro-zone woes are rippling to South Florida in varied ways, raising concerns about trade, tourism, stock markets and even the broader pace of the U.S. economy and global growth.
Here’s a look at how euro-zone problems — especially in Greece, Spain, Portugal, Italy and Ireland — are affecting South Florida.
Real estate: International buyers from Europe and other regions accounted for about 15 percent of Florida’s real estate sales before the 2007 recession, and they’ve represented the bulk of cash buyers in recent years.
For Europeans with extra cash, now is the time to buy in South Florida, said Senada Adzem, director, Douglas Elliman real estate in Boca Raton, which specializes in high-end homes. Her European business is up this year, especially from U.K. and German buyers purchasing homes worth $5 million and more.
Many cash buyers from Europe are investing in areas where they figure they can rent out their apartments for a gain.