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In March, the South Florida residential construction starts increased. In Miami-Dade, Broward, and Palm Beach, residential starts rose by 40% YoY, reaching $461 million. On the other hand, commercial construction starts fell by 2% to $306 million. Residential construction includes single-family homes and multifamily housing. As for nonresidential, it includes retail, hotels, office, healthcare, educational, etc.
Overall, the total number of construction starts rose by 20% YoY. The total? $767 million. However, for the Year to date total, construction starts dropped 5% to $2.7 billion compared to the same time last year. However, the soar in the South Florida residential construction starts shows how much the market in the area is booming. This is especially true for the luxury market. In fact, many newcomers from the Northeast and other out-of-state buyers have shown increased interest in South Florida’s most luxurious real estate options.
Read more: https://therealdeal.com/miami/2021/04/30/south-florida-resi-construction-starts-soar-in-march/
Want to learn more about Miami and its real estate opportunities?
AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in Miami we are here to guide you through every step of the way. From mortgage applications, to finding your dream home and closing the deal. Contact us today!
Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).
