Learning Center > News

U.S. Real Estate: Tourist Interest in New York and Miami is on the Rise

Jun 7, 2016

The major U.S. cities have been enjoying healthy tourism rates for a number of years, annually hosting significant amounts of visitors both domestic and international. The big American cities have always been popular, but two in particular have been witnessing record highs in the number of tourists choosing to visit their city, and those numbers don’t show signs of slowing down any time soon.

Popularised in film and television and known worldwide for being one of the most important cities on the planet, New York’s tourism sector is never slow. Tourism rates have been steadily rising since 1991, going from 29.1 million visitors to a staggering 48.8 million visitors in 2010, with a total of US$31.5 billion spent by those visitors. But in 2014 a new record was set: an incredible 56.4 million tourists visited the city.

The increase in tourism has led to a strong development push in New York City, with an extra 22,000 hotel bedrooms estimated to be completed by 2018 in order to cope with the rising influx of visitors.

The story is similar further south in Miami. According to the Greater Miami Convention & Visitors Bureau, around 14.6 million tourists visited Miami in 2014, contributing upwards of US$23 billion to the Miami economy. While the numbers don’t reach those of New York, 14.6 million still stands as an all-time record for the city of Miami, and this is reflected in the average hotel rate, which jumped 5.8% in 2014 to just over US$185.

In terms of real estate investment, these numbers are significant. Tourism can have a massive knock-on effect on the value of a city’s property, helping to enhance the value of the city as a whole. The increase in visitors to both these cities will result in more rigorous citywide development, aiming to provide more amenities for the tourists who are paying money to be there, amenities which are in turn funded by the money brought in by tourism – the increase in hotel room numbers mentioned above is a good example of this. This boost in construction - new shopping districts, hotels, restaurants, museums etc. - adds value to a city’s existing property because those properties now have access to amenities that were previously unavailable. Miami alone has recently seen an increase in the number of shops, banks, restaurants and cultural sites, including a brand new contemporary art gallery coming in 2017.

On a more basic level, more tourism also means more international interest in the city as a whole – this includes interest in the possibility of finding permanent accommodation. Boosted tourism helps encourage large real estate investment from abroad, which often leads to more development and house price increases, therefore making existing property more valuable. In Miami, for instance, 20,000 new apartments have been built in the last decade as a response to the city’s rising popularity and subsequent prosperity.

With interest in New York and Miami on the rise, now is the time to invest in real estate. Visit the Bricksave website to browse our New York and Miami properties.

 

by Bricksave CEO, Tom de Lucy

Related Articles

Bricksave's New Website is Now Live

How We Select Our Properties

A Smarter Way of Investing in Property in the US

The Benefits of FCA Regulation and Why Bricksave are Doing it

Properties Open for Investment

Apt. 306, The Club at Bay Harbor, Miami

Apt. 306, The Club at Bay Harbor, Miami


Miami, United States of America


Estimated Annual Return* 12.36%

Length of Project 4 years


58% Funded US$ 357,327

Target US$ 612,033


The Chatsworth, New York

The Chatsworth, New York


New York, United States of America


Estimated Avg. Annual Return*7.14%

Total InvestedUS$ 0

 


0% Funded US$ 0

Target US$ 692,521


Start investing from US$ 2,500
Apt. 7o2A, Corsega 60, Barcelona

Apt. 7o2A, Corsega 60, Barcelona


Barcelona, Spain


Estimated Avg. Annual Return*9.78%

Total Invested€ 0

 


0% Funded € 0

Target € 432,600


Find out more

Sign up to receive new property alerts before they become available to the public.

*This amount is an estimate and should not be considered a guaranteed figure. The value of your investment can go up as well as down. In most circumstances the maximum duration of an investment will be 4 years.

Partnered with and investments protected by