Proof that American recovery is in sight, Universal Studios and Walt Disney World Resort are pouring millions of dollars into expansion programmes.
Both based in Orlando, the first city in the United States to ever hit the 50 million plus visitors mark, Universal Studios and Walt Disney are hoping that the increased interest in Floridian property and tourism will boost their attractions and are investing for the future, adding new attractions and aiming to entice even more visitors.
In 2010 the city of Orlando attracted an incredible 51.5 million visitors whilst New York had to settle for 48.7 million and number two spot. Although New York went on to break the 50 million barrier in 2011 with 50.2 million tourists, Orlando is expected to reveal that it once more surpassed 51 million when 2011 figures become available. The Magic Kingdom, just one of Walt Disney World's four iconic theme parks, attracted almost 17 million tourists in 2010 making it the world's most-visited entertainment resort, good news for investors and holiday home areas looking to the area's property markets.
Adam Cornwell, who heads up Florida-based Feltrim International's UK office, explains, “Aside from the obvious backlog of foreclosures which is gradually being burnt off, the property market has stabilised and Florida's fortunes are on the up. There are cash buyers out there, of all nationalities from Brits to Brazilians, and the State experienced a double-digit percentage rate increase in sales for 2011 over 2010. Much of this is fuelled by Florida's unrivalled status as a tourist hotspot and the allure of steady rental income in a sunshine State.”