Orlando Property Among Cheapest in World
We all knew that American real estate was cheap but in fact, it is the cheapest in the world, according a new report from Credit Sesame. The diagram, which aims to put US property into a global perspective, shows that America is significantly cheaper than other countries in terms of price per square foot. This explains why interest from overseas investors has increased sharply this year. Many of those cheaper properties are in Florida of course and a great deal of that real estate is in Orlando.
The number of repossessed and discounted houses makes America a far more affordable place to invest than other countries. Even real estate in Manhattan, the most expensive US city at $1,068 per square foot, is three times cheaper than Paris, where property is priced at $3,287 per square foot.
It turns out that Paris, the French capital is the most expensive in the world, while London ranks between Paris and New York at $1,590 per square foot, just above the real estate value in Dubai. Out of the 34 cities analysed (using data between 2011 and 2009), the median market is, perhaps surprisingly, Athens, where Greek property has a cost of $890 per square foot. At the other end of the international scale, Chile boasts property at the lowest global cost of $160 per square foot in Santiago – still over triple that of Houston’s mere $54.
Inventory in Orlando is dropping radpidly however as the influx of overseas investors is mopping up the extra real estate as it comes out of the banks, turning the buyers market into a seller’s market in the under $100K price range. It’s not unusual to see a dozen or more contracts these days for each bank owned condo foreclosure that pops up on the MLS.
For more information and details on how to buy and sell Orlando real estate in this market, contact the Orlando real estate Pros at: Info@OrlandoRealEstatePros.com or call 407-290-3408. For MetroWest, see http://MyMetroWestRealty.com and for downtown Orlando condos see: http://OrlandoCondosDowntown.comwebsite translation