Despite the decline in the real estate market that gripped the entire nation, Fort Lauderdale is showing signs of slow improvement among others. It is true that the mortgage crisis, increasing number of foreclosures, and the U.S. dollar devaluation plunged the market to an all time low, but the city has no plans to stay that way. Though local acquisition of real estate is still stagnant due to high interest rates of different mortgage types by different financial lenders and by the engagement of Real Estate Agents India , but foreign acquisitions are known to be on a steady rise despite this issue. This is usually the case since they are not affected with the nation's currency devaluation.
At the moment, economic growth can be seen all throughout the city. Developers are now into constructing high-rise condominiums, hotels, and other residential developers. Commerce is also thriving as well, and is marked with new commercial projects such as new shopping malls, boutiques, shops, cafes, restaurants, entertainment areas, and so on. Tourism contributed to the growth of the real estate market in Fort Lauderdale. There has been a growth of 33% in real estate values in the city at the end of 2007, and many experts are projecting the growth to continue this year.
At the moment, development projects on new residential projects are underway. Such construction varies from 2-floor condo units to high-rises found anywhere around the city. Also, improvements and new projects of apartments and townhouses are currently being looked into by the city's local and foreign developers. It is true that the improvements made in Fort Lauderdale, both commercial and residential amenities, are to address the rising number of tourists visiting all year round. Condos are exceptionally famous for those people who wish low-maintenance residential units during their stay. Condominiums are also a popular alternative to single-family homes and vacation retreats. In truth, the decline of the real estate market is still present in the nation. Some cities where hit less, and some are staggering from the shockwave of its passing. But despite these problems, Fort Lauderdale is improving and will continue to do so for the next few months if the current boom holds out.
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