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Property values in South Florida continue to rise despite the Covid pandemic. In fact, the preliminary estimates of taxable property values shows increases in many markets in South Florida. In Miami-Dade county, values grew by 3.6% at the end of 2021. Without counting new construction, the growth was of 1.9%. Similarly, property values also rose in Broward county. In this county, the number grew by 5.8%. Without counting new construction, values grew to 4.7%.
On the other hand, commercial property values in South Florida took a hit. This was not a surprise considering that due to the pandemic, many retail centers and office buildings had to close. In fact, several of Miami-Dade’s commercial centers had some o the weakest years in the country when it comes to their real estate value. Areas with little commercial real estate enjoyed the benefits of a booming residential market.
Virginia Gardens, Biscayne Park, and Indian Creek were the three municipalities in Miami-Dade that had the highest property value gains. On the other hand, Aventura, Bal Harbour, Bay Harbour Islands, Miami Beach, and Downtown experienced dips. This is likely because new construction projects had to be halted during the pandemic.
At this moment, many luxury condos in Miami are offered at considerable reduced prices.
For a rundown of all the numbers, check out the original article here
