When investing in real estate, choosing a good location is fundamental to obtain a good return, as it determines the desirability of any property over time. For example, have you noticed that waterfront property is always in high demand? Attractive landscapes make the area a magnet for tourists, which in turn makes it a magnet for development.
This is one of the reasons why Miami has become one of the best places to invest, with an above-average appreciation rate (over 4% in the last 5 years!) and an excellent annual return. Add to this its amazing weather, incredible recreational activities, and ever-growing economy, Miami is hot in more ways than one.
Here is our breakdown of the best areas in Miami to invest during 2022.
Miami Beach
Average rental price: $2700/sf
Average purchase price: $200,000
One of the most popular neighborhoods in the county, Miami Beach is rich in history, commerce and tourism. The area attracts visitors and celebrities alike, thanks to its combination of historic sites, great weather and amazing beaches.
The best part? Real state prices in Miami Beach remain affordable!
Coral Gables
Average rental price: $1,925/sf
Average purchase price: $734,900
The main attraction of Coral Gables is that it has not seen a fluctuation in its property values over the past few years – the value is slowly but steadily increasing. This, coupled with the wide range of prices that can be found in the area, makes it a relatively predictable but attractive market.
Coral Gables is home to some of the best private schools in Miami, making it an ideal choice for young families or those looking to start a home.
Little Haiti
Average rental price: $1,120/sf
Average purchase price: $404,000
Little Haiti has become one of the fastest growing neighborhoods in recent years, in part due to its incredible art galleries and the charm of its Caribbean feel. Real estate values in the area have seen over 20% growth since the early 2020’s and are likely to continue to rise as more people move in.
Edgewater
Average rental price: $1,800/sf
Average purchase price: $428,000
Although most of the buildings in Edgewater are residential, the area has gained a lot of popularity over the past few years due to its proximity to downtown. Currently, Edgewater is home to a significant number of high-profile housing projects, so real estate values are expected to increase in the coming years.
Aventura
Average rental price: $436/sf
Average purchase price: $450,000
Located just outside of Miami Beach, Aventura is famous for its incredible attractions. One of its great attractions is its urban planning: it is a highly organized area with an excellent offer of luxury condos, recreational activities, and beaches.
Aventura is home to The Turnberry-Isle Golf Course, which has hosted PGA and LPGA tournaments, and Aventura Mall, one of the largest shopping malls in the world.
Miami has a little bit of everything if you know where to look. Both daring and conservative investors will find themselves at home in this city. If you are looking for an attractive market to start investing in, Miami is for you.
