78pc of second home buyers say now is a good time to buy in florida

The investment firm’s Managing Director, Loxley McKenzie, comments: “Florida has always been popular with second home buyers. First there is the climate, the beaches and now the lower cost of property compared to other states.

“Rental income may be the main consideration for investment property, however looking for tenanted property is not necessarily high on the agenda for those looking for somewhere to retire. Florida may have suffered in the downturn, but what is driving up property prices is the enduring appeal of Florida for second home buyers."

According to research highlighted by Colordarcy, foreign investment in Florida Property is helping to provide further support for the rising prices we have seen over the past 12 months in areas of Miami and Orlando.

Indeed, more than 500,000 Canadian second home buyers now own property in Florida despite it being one of the worst hit states in the housing slump. There is also a sizable number of South American investors from Brazil and Venezuela choosing Miami as a place to invest in second homes.

Political instability in Venezuela has seen investors arrive in greater numbers before in Miami and there is no reason to believe it won't do so again with a Change of political leadership and further signs of unrest this month.

Brazil's economic success and the wealth generated in its own property market is also bringing investors from Brazil looking for alternative locations such as Miami. According to the Miami Association of Realtors, investors from Brazil are second in terms of searches for South Florida property with Mexico tied in tenth place with the United Kingdom .

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