Monday, November 1, 2010

Amelia Island, Middle East Buyers

Florida is hot attraction for Middle East buyers
WASHINGTON – Nov. 1, 2010 – The National Association of Realtors (NAR) says Middle Eastern and African investors have spent almost $1 billion on properties in Florida in recent years.

Home price deterioration has made property purchases in Florida tourist areas more affordable to overseas property shoppers, with a median price of $219,400.

According to Fine and Country CEO Omer Ghani, “Low prices combined with the fact that Florida has historically had one of the highest in-migration rates among all the U.S. states and one of the highest population growth rates, makes it the most favored destination for foreign buyers.”

Tight credit and high unemployment rates mean investors have plenty of properties from which to choose.

Source: Gulf News (United Arab Emirates) (10/29/10) Nair, Manoj

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: Web:

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