Florida's property market has great potential

Property investors should head over the Atlantic to take advantage of the "tremendous value" on offer in the Florida real estate market, it has been claimed.

Christopher Chadd, head of research at Property Frontiers, made the comments in light of a 2.3 per cent annual average increase in house prices in the country during January.

Data released by Clear Capital showed that - for the first time in 37 months - there was a national increase in the cost of real estate.

Mr Chadd said: "When the recession hit, Florida's real estate market was undoubtedly the worst affected. This means prices for real estate in the area have absolutely hit rock bottom.

"Investing in the market over the past year has not been the wisest option, [but] this is now changing."

However, Mr Chadd warned that potential buyers still needed to remain cautious and ensure they researched properties before parting with any money.

Earlier this year, A Place in the Sun predicted that Florida was going to be one of the primary destinations for foreign investment in 2010.

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