Big Apple is at the top – according to a recent poll from Ipsos MORI, which surveyed more than 18,000 in 24 countries, New York ranks as the world’s favorite city. London was number two followed by Paris at number three. Not only is the city the world’s favorite, but it is the fifth-best place to live. The second-best place to visit and the absolute best city in which to do business, the poll said. The tourism industry in New York has never been healthier. Last year, a record 52 million people visited, bringing with them $55.3 billion in economic impact.
While tourism fuels the Big Apple, real estate can be found at the head of South Florida’s economic pack. Recent output numbers show real estate as the leading contributor to South Florida’s economic growth last year, accounting for 31 cents of every new dollar added to the tri-county area’s $274 billion economy. Overall, the economy grew by 3.5 percent, the sharpest increase since 2006 and well ahead of the national metropolitan average of 2.5 percent.
In 2012, the real estate sector — which is driven by rents, property values and commercial transactions — contributed about $52 billion to the combined economies of Broward, Miami-Dade and Palm Beach. That was 8.4 percent better than in 2011, and the best showing since 2006. Real estate’s return as a major economic engine comes amid rising property values and a return of cranes in downtown Miami as developers again see profits in one of the most ravaged housing markets in the country.
This is it for today, dear readers. I am available to answer your questions and provide you with more information on New York City, Miami and U.S. real estate.
Riccardo Ravasini is a Real Estate Maven and an active agent in New York and Miami. He grew up in Italy where he studied Business and Finance at Bocconi University in Milan before moving to the U.S. He enjoys assisting people in the search for the perfect rental apartment as well as international buyers looking for smart investment properties. Contact him at +1-917-214-2509 or email@example.com.