The real estate in Atlanta has probably seen the longest slump faced by any major city in the United States. The property prices of real estate have not given price returns as it was expected due to the stock market crashing a few years ago. However, things seem to be moving in favor of the city now. More people are getting attracted towards property acquisition as the city is offering competitive prices.
Let’s look at the factors promoting real estate growth in Atlanta:
Affordability
First time home buyers are finding it very easy to buy houses here. The property market in Atlanta is one of the most affordable of all the major cities in the United States. The city offers good accommodation spaces. Although lending rates are being suspected of slightly increasing this year, it has somehow been easier to buy property in Atlanta. Factors like low cost of living and good infrastructure coupled with affordable prices make the city one of the best cities to establish roots.
Startup culture
The startup culture has positively affected the commercial real estate in Atlanta in a positive way. More and more startup businesses who are unable to pay huge sums of money in initial stages are choosing Atlanta as a city to start their operation as the city offers affordable costs of living and fair rental values. These businesses have absorbed a large chunk of unsold commercial property in Atlanta. Not only has this led to the rise in commercial values but also the rental appreciation of assets in Atlanta has gone up. Also, the unsold inventory in Atlanta real estate has come down to a record low.
Office Space
The demand for commercial real estate in Atlanta is expected to remain high. With technology giants setting up campuses here the city will see an upward momentum in the coming years. Forecasting the huge demand for office space the real estate market is expected to add millions of square feet of commercial space supply in the years to come. As more office space will be occupied the migrants will move in and they will drive the residential real estate sector. As an outcome, this will lead to increased creation of jobs and reduced unemployment rates.
Other factors
Good infrastructure, pro-active government, good growth prospects, excellent weather conditions, low risk from natural calamities, etc. are some of the factors that are going to attract end-users as well as investors. The city is likely to give good returns in the coming years to all those who patiently remain invested in the real estate of Atlanta.
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