Miami, Florida, is best known for its beaches, nightlife, and hot weather. But the city is also experiencing an unprecedented real estate boom, with prices rising faster than almost any other major city in the United States.
However, some experts say that climate change may soon put the brakes on Miami’s growth. A recent study found that rising sea levels in Miami could make parts of the city uninhabitable by the end of the century, in part to increased flooding and rising sea levels. In the next 30 years, the sea levels could go up by 15%, making it more difficult for people to live in the coastal areas.
Despite this, real estate developers continue to build new Miami luxury condos and pre-construction projects throughout Miami. Most buyers are not going to hold onto thier property for 50 years and are confident that they will be able to sell their properties before the effects of climate change take hold. And as long as prices continue to rise, there is no reason for them to stop buying.
Josh Stein of the Miami-based luxury real estate company, Josh Stein Realtor, was recently interviewed by BBC World News to discuss how real estate is still booming despite the effects of climate change in Florida and other coastal areas around the world.
“The real estate market right now is absolutely booming. It’s probably the craziest real estate market we’ve ever had in the history of Miami,” said Mr. Stein.
He also noted how Miami offers features and amenities that cannot be found in other major cities. While climate change may make parts of the city uninhabitable in years to come, people are still drawn to its beaches, culture, and nightlife. According to Mr. Stein, some homeowners do ask about the impact of climate change on their particular property before they buy it. Still, it has yet to have a significant effect on the market.
“People do talk about it. It comes up in conversations, especially for Miami waterfront homes and Miami Beach condos. Still, we’re talking long-term stuff down the road, and it’s not impacting people’s decisions to buy now.”
The real estate boom in Miami is not expected to end anytime soon. Despite the talks of climate change, prices of Miami real estate continue to rise.
Real estate properties have also adapted to the market climate. The rise in sea levels has created a new market for properties that are elevated and have features to combat flooding.
Mangroves, which are act as a natural buffer against storms and floods, are being replanted to protect new developments, especially near water.
Miami is also taking the necessary precautions to combat the effects of climate change, but it has yet to stop the real estate boom. As long as developers continue to build and prices rise, Miami’s growth is expected to continue.