Walt Disney and his band of merrymakers are attracting international and domestic visitors in record numbers, which is translating into more sales in the vacation hotspot’s real estate market. Florida has been drawing attention from foreign buyers thanks to high foreclosure turnover rates, but the record 55 million vacationers that visited Orlando for the theme park alone is responsible for a significant boost in volume. Now market analysts say demand for vacation homes is outstripping supply and it’s helping to put the Sunshine State back on the real estate map. For more on this continue reading the following article from Property Wire.
A growth in international and domestic visitors to Orlando has resulted in an encouraging uplift in property sales, it is claimed.
The theme park capital of the US attracted over 55 million visitors last year, a record breaking figure that has boosted the local real estate industry, said Gary Kenny, chief executive officer of Coldwell Banker Feltrim, adding that the first quarter of 2012 has seen an increase in sales.
He pointed out that this has been particularly evident in vacation and second home properties sales, so much so that there is now a distinct shortage of good quality properties on the market.
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‘To meet this growing demand, Coldwell Banker Feltrim is just about to launch a new project in Tampa, where we will be releasing 40 prime residential units for sale, each offering the buyer a return on investment of between 10% and 12% net, which in the current economic climate is practically unheard of,’ he explained.
Visit Orlando, the area’s convention and visitors bureau, is forecasting a continuing growth in numbers visiting this part of Florida throughout 2012.
Paul Tang, chairman of Visit Orlando , said is was tremendously positive news that Orlando had set another record for any US travel destination and Orlando beat New York to be the first destination to attract more than 50 million visitors in a single year.
‘We have seen a strong rebound in our visitation numbers over the past two years, led by increases in domestic and international travel, and we continue to be optimistic about the future of the destination,’ he explained.
‘We are known worldwide as the top family destination, and we continue to be a top choice for inspiring meetings. Breaking the 55 million total visitation mark shows the strength of the Orlando brand,’ added Tang.
Kenny also pointed out that with the increasing popularity of the location and with demand for holiday homes outstripping supply, buyers in the Orlando area should be able to cash in on attractive rental returns.
This article was republished with permission from Property Wire.