Without question, the most significant current event across the globe was the recent vote held in the United Kingdom in which the country chose to pull out of the European Union. A monumental decision that has been dubbed "Brexit," the vote has had far-reaching consequences not only for the country but for the global economy. As an American living in Florida, you may wonder how Brexit could possibly affect you, but experts are already predicting a significant change in the real estate market in Florida.
Within hours of the final results being announced, British currency experienced an incredible drop in value, and it seems as though its real estate is not far behind. Experts predict that, with the value of real estate in London plummeting, Florida will become a much more popular place for investors looking for a lucrative real estate market, in the Miami area in particular.
Of course, this is not to say that Florida real estate was not valuable before. Real estate in Florida has always been extremely popular due to our state's exquisite beaches and world-class entertainment, but with the questions surrounding London's real estate market, Florida has also now become one of the most stable and reliable options as well. However, investors and buyers looking to take advantage of the Florida real estate market should remember that there are state-specific laws that they must take into consideration.
To ensure that you are getting the best deal without any unexpected issues or concerns arising, it is in your best interests to contact an attorney before making any real estate deals. If you sign a contract and you believe that one of the parties involved in the contract has breached the details, you may also be able to benefit from an attorney in the resulting contract dispute.
Source: Local 10 News, "Brexit could mean big boom for Miami real estate market, experts say," Sara Girard, June 28, 2016