South Florida real estate market is expected to be stronger this 2016

Berger Singerman conducted a survey among 100 developers, realtors, investors, lenders and contractors for their insight on 2016. The poll reveals that 42% of the respondents believe that 2016 will be better than 2015. Meanwhile 37% of the respondents said that the real estate market for 2016 will be the same as it was last 2015 and only 13% of the respondents believe that South Florida real estate market will take a turn for the worst.

Some of the respondents believe that the growth will be slower this 2016 due to the unstable economies in Latin America and Europe. Since the recession, foreign investors have always played an essential role in South Florida real estate market says Key Biscayne Property Management. 60% of the respondents stated that their lack of faith in the market is due unstable to global economic conditions.

The survey shows that developers intend to build more condos this 2016. 26% of the respondents believe that condominium development will yield the highest return. 21% of the respondents voted for hotel and hospitality and 20% of the respondents voted for retail.

Jeffrey Margolis, partner of Berger Singerman reveals that the general consensus is that the real estate market in South Florida will continue to progress and experience more diversity in the market.

Source: miamiherald.com