America is certainly the land of opportunity. And when it comes to property there is no exception. It is no secret that some sectors of the US housing market are suffering from the recoil generated by the sub-prime lending market. This has mostly effected the owner-occupier market, with the resort/tourism side of the market remaining relatively unaffected. Tourists continue to flock to the world class attractions of Disney World, Grand Canyon, Las Vegas etc. Many of these also represent an attractive location for Americans wanting to escape to cold northern winters. Florida boasts more than a 1,000 golf courses attracting enthusiasts from all over the world. It is a popular retirement destination due the warm weather and long sandy beaches. With more than 59 million tourists visiting the state each year, it's easy to see why it ranks highly on the property investors 'must have' list.
Property prices could be considered relatively cheap in comparison to many other investment destinations, and most investors focus of the tourism states of Florida and Nevada to take advantage of these high visitor numbers. These states also have a flourishing second-home market which helps to bolster the real estate market.
There are of course great opportunities in many other areas of the USA, and these can offer solid returns both in capital growth and rental income.
Property still remains the most lucrative way to wealth in the US, and with the recent issues in the mortgage sector has helped produce the buyers market, with many investors bargaining hard and cashing in on some great opportunities. Both the British pound and the Euro are very strong against the US dollar, thus strengthening the position of many foreign buyers.
There are no limitations to foreign property ownership in the USA and the tourism industry has an economic impact of over US$50 billion per annum on the state economy.
Places like Florida and Las Vegas don't really have a low season, with all-year-round attractions and high occupancy rates near the major tourist spots. Buy-to-let is also a very popular option for many foreign investors.
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