Orlando’s property economy has outpaced the rest of Florida for the second straight year in a row, according to Florida Realtors. In the Orlando metropolitan area which comprises of Orange, Polk, Osceola and Seminole Counties, the new average price of was $180,000, which is up 9% on average from 2013, while the rest of Florida grew on average 5.3%.
Local property developer and owner of a local Century 21 franchise, Garrett Kenny of the Feltrim Group points to Orlando’s increasing tourist numbers as well as the area’s growth in other industries beyond tourism; “Orlando now attracts over 60 million tourists. That’s up significantly on recent years, and it has now overtaken New York as the most visited metropolitan area in the US. But the rise in prices is also an effect of the growth in other industries such as aerospace, life sciences, digital technologies and general business services. Orlando is also fast becoming the call center central for the US.”
Despite the recent growth could the property economy be showing any signs of cooling off in general. For Kenny, who is planning a multi-million dollar lakefront resort in the Haines City area which will include luxury properties for sale, is confident that the market will continue to grow; “Well, considering the fact that in some cases we’re not even 50% of boom prices, we believe there is still a long way to go for Orlando area price growth.”
Sources: Orlando Sentinel, Feltrim Group