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Dreams don’t have a price tag but your dream house comes with one. If you are still looking for your dream house with a touch of luxury, you must tour this duplex apartment in Delhi’s upscale Greater Kailash area. 
 
It is a brand new furnished duplex apartment and architecturally designed to the highest standards. 
 
Located in Greater Kailash 2, the duplex is spread in 4,000 sq ft, worth Rs 8, 50, 00,000 and justifies the cost. 
 
The duplex is designed by India's top architect and an Agha Khan Award holder, which boasts of carpets and specially commissioned mural paintings from Gujarat. 
 It is centrally air conditioned and the exteriors are dotted with Burma teak louvers for an <keyword id="6370284" type="ORGANIZATION" weightage="20" keywordseo="Exclusive">exclusive</keyword> appearance. There is ample parking space and ideal for those for are looking for luxurious living. The property is on sale at <keyword id="3304486" type="UNKNOWN" weightage="20" keywordseo="North-India-Sothebys-International-Realty">North India Sotheby’s International Realty</keyword>.

SNEAK PEEK: This brand new 4000sq ft luxury duplex in Delhi’s upscale area is designed by India’s top architect and is on sale

People with deep love for nature and biodiversity are leaving the concrete jungles and moving away from the cities. Want to know where they are heading towards? Treehouses! 
 
Bio-diversity kind of homes have lately become a passion for people who want to stay as close to nature as they can. Treehouses have also become a hot and popular choice among them. 
 
One such treehouse bungalows have come up in Manaswada Dhargalim, Goa and one look at these 15 treehouse bungalows, Amoravida, will melt your heart and draw you towards them. 
 If you are looking to live in peaceful environs with apartments teeming with greenery, these bungalows should be your pick that are also on sale at <keyword id="3870422" type="UNKNOWN" weightage="20" keywordseo="North-India-Sothebys">North India Sotheby’s</keyword>

These tree-house bungalows in Goa worth Rs 3.5 crore come with their own 'natural' swimming pools

If you ever got intrigued by lavish farmhouses with manicured grass and huge swimming pools, you should check out this property in Delhi spread across 7550 sq ft. 
 
This DLF farmhouse in Delhi’s posh area of Chattarpur is worth over $5.2 million, or ₨ 35 crore. 
 This means, the price per sq ft of this property, which is available for sale on <keyword id="3760236" type="UNKNOWN" weightage="20" keywordseo="North-India-Sotheby">North India Sotheby</keyword>’s International Realty, is $695. 
 
The huge price is backed by the beauty of the DLF farmhouse, which is surrounded by well-manicured front and back gardens, has badminton court and a swimming pool. 
 
Here’s a complete inside look of the farmhouse:

This ultra luxury farmhouse in Delhi looks like a dream

Indians are the third biggest international investor community with $8 billion investment in the US realty market after Canadians and Chinese, brokerage firm Sotheby's International Realty said today. 
 Besides, 25 per cent of the international <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> market in London also belongs to Indians with <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword> around 1 billion pounds while they also invested more than $2 billion in the Dubai real estate market in the first half of 2015 only. 
 
I think and I believe Indians that live in the US are one of the largest group of millionaires in the America... they are already there and therefore they are investing in real estate," US-based Sotheby's International Realty President and CEO Philip A White told PTI. 
 
Sotheby's International Realty in August 2014 had signed an agreement with Indian firm RealPro Infra Pvt Ltd and established its Indian arm under the name North India Sotheby's International Realty, which caters to the luxury real estate demands of resident and global Indians. 
 
Sharing the details of Indians investment in the US, North India Sotheby's International Realty Founder and President Ashwin Chadha said: "After Canadians and Chinese, Indians are third largest international community in US in terms of real estate investment and had invested around $8 billion last year." 
 Talking about the <keyword id="47445" type="UNKNOWN" weightage="80" keywordseo="Indian-market">Indian market</keyword> for the global brokerage firm, White said they are optimistic about Indian luxury real estate market and have huge expectations. 
 
India as a country has huge potential to be the top nation in terms of business for us. It may take few years to get there, he added. 
 
"Indians searching property globally, I think we all know Indians put big premium on real estate as a tangible asset to protect from inflation or number of things so I think they keep on looking at the opportunities," White added. 
 
Further elaborating about the brokerage firm's domestic operations so far, North India Sotheby's International Realty Founder and CEO Amit Goyal said they have already tied up with some established players in the sector including Tata Housing, Sobha and Max Group's Antara Housing. 
 
According to US-based National Association of Realtors data Indians had spent $5.8 billion in fiscal 2014 to purchase real estate in that country. China topped the list of foreign nationals with $22 billion in in realty for the one year period ended March 2014. 
 
Image credit: Indiatimes

India is the 3rd biggest investor in the US realty market today: Sotheby

<ul><li>In 2023, <keyword id="6362656" type="General" weightage="20" keywordseo="apartment" source="Orion">apartment</keyword> prices in <keyword id="6354539" type="General" weightage="20" keywordseo="dubai" source="Orion">Dubai</keyword> rose by approximately 18% and villa prices by about 22% </li><li>Dubai also has no capital gain tax, which makes investing in <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> a compelling proposition. </li><li>Rental yields, robust capital appreciation, and the stability of the Emirati Dirham (AED) are other reasons cited for <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>. </li></ul>After the COVID pandemic got over, the real estate market has been going from strength to strength with affluent Indians also looking outside the country to make investments. Sample this – as per a report by ANAROCK, in 2022, Indians accounted for about 40% of all home-buying deals, with a total investment of ₹35,000 crore, nearly doubling the investment from 2021. Now, according to the Betterhomes <keyword id="6393792" type="General" weightage="20" keywordseo="residential" source="Orion">Residential</keyword> Market Report 2023, Indians have emerged as the leading investors in Dubai's real estate market, surpassing Britons in the third quarter of 2023. In the first six months of the year gone by, Indian investors pumped approximately $335 million into the Dubai real estate sector. The Dubai real estate market has experienced robust growth in terms of price appreciation and rental yields. “In 2023, apartment prices rose by approximately 18.3%, and villa prices by about 22.2%. The market is expected to continue this trend in 2024, with short-term rentals projected to jump by around 20% and long-term rentals by 15% compared to 2023,” says Morgan Owen, managing director, Middle East and North Africa, ANAROCK Group, a real estate services company. Growth potential The Dubai real estate market is projected to grow by about 15% in 2024, driven by a robust economy and foreign investor interest. “Dubai real estate has been very volatile over the last few years, but the last two to two and a half years has been a golden period. You have a market where you are seeing a boom,” says Sanjay Guha, Founder and CEO, Acquist, a real estate advisory firm. Golden visa and tax benefit Given its proximity to India and a sizable Indian diaspora of over 3.5 million residing in Dubai, the city has long been perceived as a second home for many Indians. “The attractive aspects of investing in Dubai include impressive rental yields, robust capital appreciation, and the stability of the Emirati Dirham (AED) being pegged to the US Dollar,” says Akash Puri, director, international, India Sotheby's International Realty. Puri adds that Dubai's "Golden Visa" initiative has also garnered significant attention from Indian investors. Acquiring property stands as the simplest way of investing and securing a Golden Visa. If your purpose of investment is to get a Golden Visa, then you need to buy a property worth at least 2 million dirhams in Dubai. This will grant you a Golden Visa for 5 years, renewable on the same conditions. “It must be noted that Dubai also has no capital gain tax, which makes investing in real estate a compelling proposition. Ease of doing business and a tax-friendly environment are a big plus,” says Puri. “What is happening is that you have an option to invest in Dubai from ₹2 to ₹2.5 crore. If you look at Mumbai, you cannot buy anything at this price in a place like South Mumbai,” says Guha. Why the HNI are investing According to Guha, a lot of HNIs invest in Dubai to de-risk their portfolio. Their primary investments remain in the Indian rupee, but they can have alternate asset classes in dollar terms, since the Dirham is pegged to the dollar. “Dubai offers rental yields of 4% to 7% annually, with no taxes on property rental income and capital gains, increasing the profitability of investments,” says Owen. There is also another advantage of investing in a Dubai property. “In Dubai, you can buy the flat, put the flat on rent, get the money in your account, pay any required taxes sitting at your home in India or anywhere in the world, it is that easy and professionally managed,” says Guha. How to invest in a property in Dubai? The Liberalised Remittance Scheme (LRS), a program implemented by the Reserve Bank of India (RBI) allows resident individuals in India to freely remit up to $250,000 per financial year (April 1st to March 31st) for any permissible current or capital account transaction or a combination of both. That is about ₹2 crore. Let us say a family is buying a property worth ₹8 crore in Dubai. Each of them can remit a maximum of ₹2 crore approximately in one financial year ending March. According to Guha, the payments to be made for a property can be done in such a way that half the payment is made at the end of a financial year and the other half is made in the next financial year. When done at the end of March this would mean only a few days gap in between, thus utilising limits for both financial years for both individuals. What to keep in mind Before investing in a Dubai property, it's crucial to conduct thorough research on the market trends and dynamics. Understanding the legal aspects related to property ownership in Dubai is paramount to ensure a smooth and compliant investment process. “When planning to buy a property in Dubai, the initial step is to clearly define the end goal: whether the purchase is for investment purposes or personal use. This clarity guides the selection process along with comprehensive market research and engaging a reputable agency which will further be invaluable in navigating the process,” says Puri. Additionally, considering the location and the reputation of the developer can significantly impact the property's long-term value.

The Indian rich is buying property in Dubai – Tax benefits to rental yields, the driving forces at play

<ul><li>The <keyword id="35279" type="General" weightage="20" keywordseo="commercial-real-estate" source="Orion">commercial real estate</keyword> sector received 90% PE funding in Q1 FY 2024, as compared to 68% in Q1 FY 2023. </li><li>The overall numbers were boosted by a single significant deal (Brookfield- GIC transaction) that constituted approximately 75% of the total deal activity during the period. </li><li>In Q1 FY24, foreign investors continued to dominate the investment activity, accounting for 94% of the activity. </li></ul>There was a slight decline in reported <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> (PE) deal activity in India during the first quarter of the current financial year (Q1 FY 2024), as compared to the same period a year ago. PE investments in <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> stood at $1.9 billion in Q1 FY 2024 as compared to $2 billion in Q1 FY 2023. The overall numbers were boosted by a single significant deal of $1.4 billion (Brookfield India RE Trust <keyword id="168019" type="General" weightage="20" keywordseo="reit" source="Orion">REIT</keyword> - GIC transaction) that constituted approximately 75% of the total deal activity during the period, according to ANAROCK Capital's report FLUX for Q1 FY24. Says Shobhit Agarwal, MD and CEO, ANAROCK Capital, “Excluding this deal, private equity activity remained subdued owing to a high interest rate environment and global uncertainties. PE transactions in Indian real estate are, in any case, tilted towards <keyword id="118076" type="General" weightage="20" keywordseo="equity-investments" source="Orion">equity investments</keyword> in office assets by foreign investors. The single large deal between the consortium of GIC and Brookfield REIT with Brookfield AMC has further skewed the mix during the quarter.” <cmsannotation type="cmsannotation" annotationid="Average ticket size" comment="subhead" text="Average ticket size">Average ticket size</cmsannotation> Q1 FY24 witnessed a notable increase in the average ticket size (to $192 million from $100 million in FY 2023) primarily attributed to the significant transaction mentioned above. The global economic environment continues to be uncertain, particularly due to elevated interest rates. As a result, excluding the Brookfield-GIC transaction, deal volumes remained subdued in the quarter under review, says the report. <cmsannotation type="cmsannotation" annotationid="Asset class wise funding" comment="subhead" text="Asset class wise funding">Asset class wise funding</cmsannotation> The commercial real estate sector experienced significant activity in Q1 FY24, primarily driven by the Brookfield - GIC transaction. The commercial real estate sector thus received 90% funding in Q1 FY 2024, as compared to 68% in Q1 FY 2023. Meanwhile residential real estate received 6% of the funding, while it was 4% for industrial, and logistics. <cmsannotation type="cmsannotation" annotationid="subhead" text="Foreign Vs Domestic">Foreign Vs Domestic</cmsannotation> In Q1 FY24, foreign investors continued to dominate the investment activity, much like in Q1 FY23. They accounted for 94% of the activity during this period, indicating their sustained interest, and participation in the Indian market. In Q1 FY 2023, foreign investors had contributed 90%. Says Gagan Randev, Executive Director, India Sotheby's International Realty, “The slight decline in PE investment during the April-June quarter can be attributed to the temporary slowdown and disruptions in the global economy. Investments in office assets have been severely affected in North America by the sharp rise in interest rates and this has resulted in an upheaval in the markets there.” However, he says that this is expected to be a transient phase, and we anticipate an increase in PE investment in the upcoming quarter.

Private equity activity in real estate sector dips during April-June period

<ul class="summary-list"><li>Locals in <keyword id="13417124" type="UNKNOWN" weightage="60" keywordseo="sunny-isles-beach" source="Orion">Sunny Isles Beach</keyword>, <keyword id="11910362" type="UNKNOWN" weightage="60" keywordseo="florida" source="Orion">Florida</keyword>, will tell you the city is more than its "Little Moscow" nickname.</li><li>The area is home to many post-Soviet Union immigrants, from Ukraine to Belarus.</li></ul>In Sunny Isles Beach, Florida, not everyone likes the nickname "Little Moscow.""I don't believe that 'Little Moscow' is a representation of what Sunny Isles Beach is," Jennifer Levin, former Sunny Isles Beach commissioner, wrote in a Facebook post earlier this month. "And it's not what it was ever meant to be known as, and it's not how it's marketed."I visited the city a few weeks ago, and the Russian influence was palpable, from the Russian grocery and deli Matryoshka to the Sunny Terrace restaurant serving up Siberian-style dumplings. But in the same plaza was an Argentinian restaurant, an Armenian restaurant, and a boutique selling fashion from Brazil. While it's easy to see where the "Little Moscow" nickname comes from, Sunny Isles Beach is overall a melting pot of Eastern European and Latin American influences.One local originally from Ukraine told me that the nickname is never used by the Russian-speaking people who live in the city, adding that the name was created by locals many years ago as a joke. He said some locals are indifferent to the nickname, while others think it's "abusable since we have nothing to do with Moscow."<h2>A seaside escape for Eastern Europeans and Latin Americans</h2>Back in the 1950s and 1960s, the 1.5-mile piece of island was known for its strip of seaside motels. The charming tourist town attracted Russian Jewish immigrants fleeing discrimination, according to <a href="https://www.sun-sentinel.com/news/fl-xpm-1997-03-08-9703080123-story.html">a Sun Sentinel article from 1997</a>. Over time, their children would visit and eventually buy property as the market developed, laying the foundation for a strong community.As more Russians flooded into the area to escape communism from the former Soviet Union in the 1990s, some of the emigres called the area "Little Moscow," per the Sun Sentinel. The city was a symbol of freedom, and it wasn't just Russians who wanted an escape. Alexandra Peters, of <a href="https://www.onesothebysrealty.com/agents/67059-alexandra-c-peters">ONE Sotheby's International Realty,</a> who works with high-end clients in the area, told me that an overwhelming Russian presence of Sunny Isles Beach is a misconception, as the many Ukrainians living there get mistaken for Russians. "There's always been a large Russian-speaking community in Sunny Isles, but they've been there for decades and many are middle-class US citizens by now," she said. "We tend to put all 'Russians' in one basket, whereas many who live and move here are from all parts of the former Soviet Union: Ukraine, Belarus, even Kyrkistan."It's why the area is <a href="https://www.nbcmiami.com/news/local/little-moscow-community-in-sunny-isles-beach-reacts-to-ukraine-invasion/2699472/">also known as</a> Little Kyiv, Little Odessa, and Little Minsk. According to the <a href="https://data.census.gov/cedsci/table?q=place%20of%20birth&amp;g=1600000US1269555&amp;tid=ACSDT5Y2019.B05006">most recent data from the Census' American Community Survey</a> that tracked population from 2015 to 2019, Sunny Isles Beach is home 2,624 Eastern European-born residents, more residents than those born elsewhere in Europe. Of these, 1,079 were born in Russia. This doesn't take into account those who didn't answer the Census or the Russian-speakers who identify as Americans.The city is also home to a strong Israeli community. And, like much of <keyword id="13505189" type="UNKNOWN" weightage="60" keywordseo="south-florida" source="Orion">South Florida</keyword>, there's a large immigrant population from Latin America. Census data puts the Latin American-born population at 8,370 people, more than the Eastern European-born. Peters said the area is even known as "Little Brazil."<h2>A luxury development boom brought the rich</h2>The 1990s also saw a development boom that revitalized the city's <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>. Zoning laws enabled developers to build high-rise condos that towered over the beach. Around this time, a wealthier class of Russians <a href="https://www.businessinsider.com/florida-little-moscow-sunny-isles-miami-russian-money-real-estate-2022-3">began snapping up property in the area</a> as a way to move their money in a post-Soviet economy.In recent years, Florida saw the <a href="https://www.nar.realtor/blogs/economists-outlook/the-impact-of-russia-ukraine-tensions-on-the-u-s-housing-market">highest number</a> of Russian property purchases in the US. Sunny Isles Beach was a natural choice given the already strong Russian immigrant population and the area's association with luxury thanks to the towering condos, some of whom held the <a href="https://www.washingtonpost.com/politics/in-little-moscow-russians-helped-donald-trumps-brand-survive-the-recession/2016/11/04/f9dbd38e-97cf-11e6-bb29-bf2701dbe0a3_story.html">appeal of the Trump brand</a>.Right before Russia invaded Ukraine, <a href="https://twitter.com/BrianEntin/status/1495950010592157698?s=20&amp;t=QwU0ypvb1mAmecGqDtH0rg">NewsNation's Brian Entin</a> first reported on the concerns of the "Little Moscow" elite who worried that they'll be blacklisted from buying luxury real estate in the area. But it's not just Russian money that flows through Sunny Isles. The city's economy has also been propped up by overseas buyers from Europe and Latin America. Three real estate agents I spoke with often referenced clients from Brazil, Germany, and Canada.Peters provided Insider a screenshot of her website's analytics showing where most potential clients were searching from. Outside of the US, the top three searches came from were Canada, India, and Brazil. Russia didn't even make the top 10. She noted that they used to see more South American buyers, which have dropped because of low currency and travel restrictions. Foreign buyers overall have dropped since the pandemic began, agents said.<a href="https://www.compass.com/agents/ramon-rodriguez/">Ramon Rodriguez</a>, director of sales at a Compass real estate team based in Miami, told me that the area is a luxury riviera for the elite partially because it's anchored by two high-end shopping destinations: Aventura Mall to the north and the Bal Harbour Shops to the south."When you're wealthy and living in a state of fear, you feel very free here," Peters seconded. "You can enjoy life and go shopping."

Locals in South Florida's 'Little Moscow' say the city's nickname is built on a misconception

We know that $38 million is a BIG amount, but one look at this iconic 5-acre farmhouse will make you spend that kind of amount without budging an eyelid. 
 
Located in Westend Greens, one of the superior localities of South Delhi, this farmhouse is virtually an example of splendor and expansiveness. 
 
It is comfortable for a big family with modern decor and fittings. The luxurious farmhouse has extravagant facilities and idle for hosting parties and even weddings. 
 
Here’s a close look into the farmhouse, which is on sale at North India Sotheby's International Realty platform

This 5-acre farmhouse in the elite south Delhi area is worth $38 million and worth all the money

The main key factors that affect the <a href="http://www.businessinsider.in/searchresult.cms?query=Real+Estate+industry+&amp;sortorder=effectivedate">Real Estate industry</a> are the fluctuating market dynamics and unpredictable global situations. To discuss the future of the Global Luxury <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> market, North India Sotheby’s International Realty will debate and discuss about it at <keyword id="4212349" type="UNKNOWN" weightage="100" keywordseo="global-luxury-realty-conclave">Global Luxury Realty Conclave</keyword> in association with <a href="http://www.businessinsider.in/searchresult.cms?query=Confederation+of+Indian+Industry&amp;sortorder=effectivedate">Confederation of Indian Industry</a> (CII). The event will be held in New Delhi on February 25-26 at The <keyword id="3953" type="ORGANIZATION" weightage="100" keywordseo="Taj-Palace-Hotel">Taj Palace Hotel</keyword>. 
 
The two-day event scheduled at The Taj Palace Hotel will provide a unique platform to interact with top business minds in the Luxury Real Estate industry. The event will cover an extensive range of topics of interest to the stakeholders such as ‘Impact of changing policies on Indian real estate’; ‘Evolving real-estate market and trends’; ‘Impact of international events on global real estate’, ‘Factors affecting Indians buying abroad’; ‘NRI potential across the world’, ‘Citizenship by investment’ and many more. 
 “We aim to put together our knowledge, experience and resources to host a remarkable global real estate program,” said Chandrajit Banerjee, Director General, <keyword id="6363932" type="ORGANIZATION" weightage="100" keywordseo="Confederation-of-Indian-Industry">Confederation of Indian Industry</keyword>. 
 
It will have an international networking platform comprising of real estate industry experts, select international &amp; domestic developers, tax advisories, HNIs, creative leaders, as well as luxury observers and innovators. 
 Also, an exhibition showcase of <keyword id="4212351" type="UNKNOWN" weightage="100" keywordseo="Indian-International-properties">Indian &amp; International properties</keyword> along with panel discussions on the real estate sector will be held.

Global Luxury Realty Conclave is here. These are the details

<ul class="summary-list"><li><keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword>'s population grew by 14.6% in the last decade - and the pandemic has accelerated this.</li><li>The state famously has no personal-income tax, and its banking and finance industries are booming.</li><li>But the rise in remote working, its lack of lockdown, and attractive house prices are also drawing people in.</li></ul>More and more workers are moving to Florida during the pandemic - and the sunny climate isn't the only reason why.Top companies are opening new offices in the state, and the rise in remote working is giving staff more freedom to choose where they want to live.Florida's population grew by 2.7 million - or 14.6% - between 2010 and 2020, according to <a href="https://www.census.gov/data/tables/time-series/dec/popchange-data-text.html">US Census data</a>. This is double the rate of overall US population growth.Read more: <a href="https://www.businessinsider.com/wall-street-move-florida-goldman-sachs-elliott-real-estate-2020-12">Is Florida the new Wall Street?</a>"It's not just retirees - it's tech workers leaving San Francisco," John Boyd, the CEO of The Boyd Company, said.<h2>Businesses are flocking to Florida</h2>"Florida certainly has a winning formula for business attraction," Boyd told Insider.In particular, Florida is becoming a hotspot for banking and financial services, while <keyword id="15641" type="COMPANY" weightage="60" keywordseo="Miami">Miami</keyword> is as emerging as "one of the hottest new tech hubs in North America today," he said.Hedge fund <a href="https://www.bloomberg.com/news/articles/2020-10-21/singer-s-41-billion-hedge-fund-moving-headquarters-to-florida">Elliott Management</a> is moving its headquarters to West <keyword id="89445" type="COMPANY" weightage="60" keywordseo="Palm-Beach">Palm Beach</keyword>, private-equity firm <a href="https://www.businessinsider.com/how-to-get-hired-blackstone-private-equity-jobs-interview-questions-2020-10?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Blackstone</a> plans to open an office in Miami, and <a href="https://www.businessinsider.com/goldman-sachs-reportedly-considers-moving-asset-management-to-florida-2020-12">Goldman Sachs</a> is considering the state for its asset management division. Even <a href="https://www.businessinsider.com/subway-moves-jobs-from-connecticut-headquarters-to-miami-2021-3">Subway is shifting some business units to Miami</a>.<div type="image" title="360 rosemary related companies office building west palm beach" height="1999" width="2666" msid="82833315" hostid="261"></div>Software company Civix and Sonesta International Hotels are opening new offices in <keyword id="67774" type="COMPANY" weightage="60" keywordseo="Orlando">Orlando</keyword>, too.<a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Boca Raton's Mayor Scott Singer</a> said there had been "tremendous interest" from companies in relocating to the city, through a combination of both inbound calls and targeted advertising in the <keyword id="6355838" type="LOCATION" weightage="60" keywordseo="new-york">New York</keyword>, Chicago, and San Francisco markets. Singer added that there had also been interest from executives with businesses overseas wanting to open offices or even relocate to Boca Raton.Deloitte has invested $63 million in Orlando since 2014, while KPMG chose Orlando for its $450 million global training center, the largest capital investment in KPMG history, according to Casey Barnes, vice president of business development at the Orlando Economic Partnership.Colliers previously told <a href="https://www.businessinsider.com/hedge-funds-florida-office-space-commercial-real-estate-2020-12?r=US&amp;IR=TIR=T">Insider</a> that interest from out-of-state firms in South Florida <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword> is "torrential" - and they're looking for much bigger officers than before, too.<h2>Average salaries are climbing</h2>As these businesses open offices in Florida, the job-market in the state is booming, too. And though more workers are moving to Florida, local residents are also benefiting from this job creation, too, West Palm Beach Mayor Keith James said.Andrew Hunter, co-founder of job search engine <a href="https://u7061146.ct.sendgrid.net/ls/click?upn=4tNED-2FM8iDZJQyQ53jATUcWyXiKAAK5HX77EGAKkF9U-3DKawb_cAthpJulO9NLVvdXWXCrp6FfYHUA2w0BLsoUdzG7B08TEFarxttvDzXtafzCSNKANC7LJUv7S7PHf-2FrNlVaftZUUywn4-2BWcwH-2FJDOhj0TCm-2FPNeNUMyYLL-2BPOsYgV240ZtVd9GeyfVloOKFcjUtev6lEOfF-2FPYlj-2FolgGjTZFY7O9sFK2P7A3cq7BMxvQ-2BKz7uk1yxjW0mvOersVT85LjMwBW6yoHCwv9TvlbVXbUpPVxtt9CejLw3-2FYvGsgNZaQQnZlDVaWbSk914Jf-2BQVb0Y4dM47DFQPXbs-2Bcxd0JmBlliaITtdL32Mm83qPL9IxOJT21bE4csU7T3kwutxv0nTvGwkeknQkDC6tRKBAuXxQ-3D" target="_blank" rel="noopener">Adzuna</a>, told Insider Florida's job vacancies are back at pre-pandemic levels and the number of unemployed is reaching record lows while average city salaries are climbing.The number of financial-services employees in Florida has almost returned to pre-pandemic levels with nearly 600,000 people working in the sector. New York, on the other hand, is rebounding much slower, and still has around 30,000 fewer employees in the sector than it did in early 2020, according to data from the <a href="https://www.bls.gov/regions/new-york-new-jersey/new_york.htm#eag">US Bureau of Labor Statistics</a>.In Orlando alone, Deloitte has created more than 2,200 new jobs since 2014, Barnes said.Adzuna said that tech company Oracle is the top company hiring in Florida on its site. Boyd said that financial services and tech workers are leaving cities like Boston, Chicago, and New York to move to Florida, but some are coming from overseas in India and Brazil, too.And billionaires including <a href="https://www.businessinsider.com/wall-street-move-florida-goldman-sachs-elliott-real-estate-2020-12?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Charles Schwab</a>, <a href="https://www.businessinsider.com/a-list-of-all-the-powerful-people-moving-to-florida-right-now-2021-1">Carl Icahn</a>, <a href="https://www.businessinsider.com/a-list-of-all-the-powerful-people-moving-to-florida-right-now-2021-1">Tom Brady</a>, and <a href="https://www.businessinsider.com/peter-thiel-bought-miami-estate-featured-on-the-real-world-2021-1">Peter Thiel</a> have all bought homes in the state. Palm Beach County alone has around 44 billionaires, Smallridge told Insider.<div type="image" title="carl icahn billionaire miami" height="1371" width="1828" msid="82354611" hostid="261"></div>The state is encouraging companies to create new jobs for local workers alongside relocating their existing workforce. James said that <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">West Palm Beach has offered financial incentives</a> to companies moving to the city based on the number of jobs they create, including expedited permit reviews and tax exemptions.And it's not just finance and tech workers who are benefitting from Florida's growing <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>. The state is also <a href="https://www.businessinsider.com/florida-minimum-wage-rise-vote-amendment-15-tipped-employees-workers-2020-11">hiking up its minimum wage to $15 per hour</a> by 2026, too.<h2>Working remotely gives people more freedom</h2>Florida is traditionally <a href="https://www.businessinsider.com/personal-finance/best-cities-achieve-early-retirement-2020-11">associated with retirees</a> but Troy McLellan, CEO of the <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Boca Chamber</a>, said this trend seems to be fading as more and more families and young high-flyers move to the area.The rise of remote working has made it easier for workers to relocate independently of their employers.Boyd said that the pandemic has created "a time of historic mobility for both companies and people." Companies are increasingly letting staff work from home on a permanent basis, which allows them to save on real estate costs, he said."The <a href="https://www.businessinsider.com/ibm-ceo-on-return-to-work-and-hybrid-remote-plans-think-2021-5">office environment of New York City</a> is not what it was," <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Boca Raton Mayor Scott Singer</a> told Insider.There is growing momentum for companies to let employees <a href="https://www.businessinsider.com/workers-want-hybrid-model-to-see-work-friends-survey-finds-2021-3">work from home permanently</a>. <a href="https://www.businessinsider.com/facebook-staff-work-from-home-after-coronavirus-pandemic-twitter-2021-4">Facebook</a>, <a href="https://www.businessinsider.com/twitter-tells-employees-they-can-work-from-home-permanently-2020-5">Twitter</a>, <a href="https://www.businessinsider.com/salesforce-employees-can-work-from-home-permanently-2021-2">Salesforce</a>, and <a href="https://www.businessinsider.com/ford-general-motors-toyota-remote-work-home-pandemic-coronavirus-office-2021-3">Ford</a> have said their employees can remotely post-pandemic, and some companies are <a href="https://www.businessinsider.com/salesforce-cancels-san-francisco-office-space-report-2021-3">canceling office leases</a>."Orlando was an ideal place to live, work, and play prior to COVID-19, and the region's offerings will only be more valuable to professionals in the pandemic's wake," Barnes told Insider.<div type="image" title="West Palm Beach" height="1060" width="2121" msid="82833316" hostid="261"></div>This was something Alexandra Scherbich, global head of B2B marketing at Tenth Revolution Group, found when she relocated to Tampa from London in April 2019. She told Insider that managing her colleagues in the UK could be challenging from abroad because of the time zone differences, but that she is able to now dedicate her afternoons to meetings with clients on the West Coast, which would have been much harder in the UK because of the eight-hour time difference."People can work from anywhere, so why not work from paradise?" <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Singer</a> said.<h2>Florida has a pro-business environment</h2>Though business <keyword id="56025" type="ORGANIZATION" weightage="60" keywordseo="Migration">migration</keyword> to Florida has accelerated during the pandemic, this was already a well-established trend pre-COVID.Florida famously doesn't have a personal income tax, and this is one of the major motivators for migration, Boyd told Insider. He added that many people moving to the state come from high-tax states that don't have such a pro-business environment, like Connecticut and New Jersey, as well as <a href="https://www.businessinsider.com/new-york-income-tax-wealthy-florida-cuomo-miami-budget-2021-4">New York</a>, which recently announced plans to <a href="https://www.businessinsider.com/new-york-income-tax-wealthy-florida-cuomo-miami-budget-2021-4">bump up its income-tax rates</a> for its wealthiest residents."And the other part of all this is, you know, economic development really comes down to leadership at the end of the day," Boyd said."Governor DeSantis is a good salesman-in-chief of the state of Florida," he said. He added that Miami Mayor Francis Suarez was positioning the city as a major tech market.<div type="image" title="ron desantis florida vaccine 60 minutes" height="1638" width="2184" msid="82354613" hostid="261"></div>Troy McLellan, CEO of the <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Boca Raton</a> Chamber, told Insider that the city has three college campuses and was trying to create a pipeline of future talent for businesses.<h2>Florida has sun, sea, and no lockdown</h2>Florida has also remained largely open during the pandemic compared to other states. This led to people choosing to make Florida their primary residence for the pandemic, Kelly Smallridge, CEO of the Business Development Board (BDB) of Palm Beach County, told Insider."When [states like New York were] closed down, we had plenty of recreation space and great weather year-round, and people are understanding more and more that this is where they want to be," Singer said.When people relocated to Florida, they started enrolling their children at nearby schools, and soon found themselves settled down in the state, Smallridge said.Barnes said that many companies are choosing to expand in or relocate to Florida because "they see it as a destination that will attract workers and their families."<div type="image" title="miami florida" height="1414" width="1885" msid="82354615" hostid="261"></div><a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Palm Beach County</a>, for example, has an average temperature of 75 degrees Fahrenheit, compared to 53 degrees Fahrenheit for <a href="https://en.climate-data.org/north-america/united-states-of-america/new-york/new-york-1091/">New York State</a>, <a href="https://discover.pbcgov.org/pages/pbc_facts.aspx">hasn't had snow since 1978</a>, and has <a href="https://discover.pbcgov.org/pages/pbc_facts.aspx">around 47 miles of coastline</a>."Most executives will go take a swim in the beach before they even go to work," the BDB's Smallridge said. "And, you know, they never have to shovel snow and they don't have to ride with the subway."<div type="image" title="West Palm Beach" height="1060" width="2121" msid="82833320" hostid="261"></div>Scherbich said that, alongside work opportunities, the climate was part of her reason for migrating. She added that she's settled into the city well and that it has a large UK expatriate community.<h2>Housing and living costs are lower than New York</h2>House prices have gone up <a href="https://www.zillow.com/palm-beach-county-fl/home-values/">around 10%</a> over the past year as more people move to the state, but Florida still has a "very attractive" real-estate market compared to some other major markets in the US, Boyd said, adding that there are affordable housing options "in virtually all parts of Florida."The average price for a house in Florida is $277,429, rising to $323,094 in Palm Beach County and $407,245 in Miami, according to <a href="https://www.zillow.com/palm-beach-county-fl/home-values/">data from Zillow</a>. In New York, in comparison, average house prices are $323,094 for the state and $649,490 for the city.And it isn't just houses that cost less in the Sunshine Site. Overall living costs in Orlando are 6% lower than the US average, Barnes said.But this migration is having an impact on the availability of property in the area.Sales of million-dollar single-family homes in Palm Beach County increased by more than 140% year over year, according to the <a href="https://www.businessinsider.com/wealthy-move-to-vacation-towns-long-term-during-pandemic-2021-2">2021 Luxury Outlook report by Sotheby's International Realty</a>, while Jay Boodheshwar, Palm Beach's deputy town manager, said that <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">the town of Palm Beach</a> was experiencing the lowest inventory of available homes "in decades."<h2>Florida's transport networks are growing</h2>There are a lot of transport developments in the pipeline for Florida, too, Boyd said. This includes <a href="https://www.businessinsider.com/virgin-trains-investor-wes-edens-interview-brightline-florida-passenger-rail-2019-4">Brightline</a>, a rail system with investments from Richard Branson's Virgin, which connects Miami to West Palm Beach, with expansion plans Orlando and Tampa.<div type="image" title="Boring company los angeles" height="1334" width="1778" msid="82354617" hostid="261"></div>And North Miami Beach official told <a href="https://www.businessinsider.com/north-miami-beach-says-early-talks-elon-musk-boring-company-2021-3">Insider's Grace Kay</a> the city is in early talks with Elon Musk's The Boring Company over a possible plan to build a one- to two-mile tunnel to tackle congestion.The state has more than 100 public airports, and Tampa's direct flights to London were part of Scherbich's decision to relocate to the city.Orlando in particular bills itself as the "tomorrowland of transportation," Barnes said. This includes serving as a hub for one of the world's first <a href="https://www.businessinsider.com/florida-getting-all-electric-flying-taxis-hubs-2021-1">jet-powered flying taxis</a>, which will depart from more than 10 locations across Florida. The aircrafts by German startup Lilium will be based at Orlando's Lake Nona, which Barnes said it "a growing testbed" for smart city technology."The signal is really ahead of the curve," Boyd said.Have you relocated to Florida? Got a story you want to tell? Email this reporter at gdean@insider.com.

Tech jobs, sun, and no income tax: experts explain why Florida is poised to keep growing even after the pandemic

<ul class="summary-list"><li><keyword id="1362260" type="PERSON" weightage="60" keywordseo="Palm-Beach-County">Palm Beach County</keyword>'s grew twice as fast as the US average over the past decade.</li><li>This has accelerated during the pandemic as remote workers sought a sunnier climate during lockdown.</li><li>Three locals explained why both people and businesses are flocking to the county.</li></ul><keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword> has been one of the few states to see real economic progress during the pandemic.<a href="https://www.businessinsider.com/florida-growth-jobs-economy-population-new-york-pandemic-employment-miami-2021-4">Both businesses and companies have flocked to the US' third-largest state</a> over the past year because of its pro-business environment, including a lack of personal-income tax, alongside its sunny climate that made it an alluring place to spend lockdown.And <a href="https://www.businessinsider.com/wealthy-move-to-vacation-towns-long-term-during-pandemic-2021-2">Palm Beach County</a>, located just north of Miami, has stood out. Elliott Management is planning on moving its headquarters there, Citadel Securities based its trading-floor's COVID-19 bubble at a hotel there, and hundreds of families have relocated to the county.Read more: <a href="https://www.businessinsider.com/ibm-new-york-city-agile-office-remote-work-hybrid-2021-4">IBM is hunting for a smaller NYC office now that 80% of its employees won't come in every day. It's a sign of the times.</a>Insider spoke to parties involved in the local <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, including the mayors of <keyword id="398561" type="CITY" weightage="60" keywordseo="Boca-Raton">Boca Raton</keyword>, <keyword id="332058" type="CITY" weightage="60" keywordseo="West-Palm-Beach">West Palm Beach</keyword>, and <keyword id="89445" type="COMPANY" weightage="60" keywordseo="Palm-Beach">Palm Beach</keyword> town, to understand what's driving people to move to the area.<h2>'We punch above our weight in terms of business strength'</h2>Palm Beach County has been working to drive a <keyword id="56025" type="ORGANIZATION" weightage="60" keywordseo="Migration">migration</keyword> of businesses for around 10 years, Kelly Smallridge, CEO of the county's Business Development Board (BDB), told Insider.<div type="image" title="West Palm Beach" height="1060" width="2121" msid="82655712" hostid="261"></div>The county realized that executives were buying second houses or coming for vacations in Florida, but owned a large business in another state. So the BDB approached them about bringing their business to Florida, Smallridge said."That initiative has turned out to be the most lucrative economic development initiative in the last 40 years," Smallridge said.The BDB isn't the only group actively recruiting businesses to move to the county. West Palm Beach mayor Keith James told Insider that the city had been reaching out to financial-services companies for years - not just in <keyword id="6355838" type="LOCATION" weightage="60" keywordseo="new-york">New York</keyword> but in other Northeast states including Vermont and Connecticut, alongside some companies as far afield as California."We've seen tremendous interest in companies relocating to Boca Raton," Scott Singer, the mayor of Boca Raton, told Insider.He said the city had been fielding "plenty" of inbound calls, but that it had also launched targeted advertising in the New York, Chicago, and San Francisco markets, including promoting its technology business hub.The three mayors told Insider they had especially noticed increasing levels of interest from venture capital, private equity, hedge fund, and financial-services companies, feeding into a state-wide trend.<div type="image" title="360 rosemary related companies office building west palm beach" height="1999" width="2666" msid="82655714" hostid="261"></div>Hedge fund <a href="https://www.businessinsider.com/miami-florida-office-space-demand-leasing-microsoft-citadel-elliott-management-2021-1">Elliott Management</a> is in final-stage talks to move its headquarters from Manhattan to West Palm Beach, while Maryland-based mortgage company <a href="https://www.bdb.org/index.php?src=pages&amp;ref=financialservicesices">New Day USA</a> is leasing 50,000 square feet of office space as a second headquarters in the city.And <a href="https://www.businessinsider.com/citadel-remote-summer-internship-wisconsin-resort-palm-beach-2020-8">Ken Griffin's Citadel Securities</a> chose Palm Beach's Four Seasons as the location for its trading floor's COVID-19 bubble in April 2020.Almost 2,500 financial-service firms have offices in the county, employing 37,000 people in total, according to the <a href="https://www.bdb.org/index.php?src=pages&amp;ref=financialservicesices">BDB</a>.But other industries are growing, too. <a href="https://www.wpb.org/home/showpublisheddocument/569/637194293849430000">West Palm Beach</a> is targeting the marine and medical industries for future growth, while Singer said that Bacon Raton has been a tech hub for decades, noting that <a href="https://www.bocahistory.org/our-history-ibm/">IBM</a> developed the first personal computer there in 1981.<div type="image" title="Palm Beach's marina" height="1060" width="2121" msid="82655715" hostid="261"></div>Singer said Boca Raton had the number of corporate headquarters you'd expect from a city of four or five times its size. These include the headquarters of The Office Depot, ADT, and Bluegreen Vacations."We punch above our weight in terms of business strength," Singer said.<div type="image" title="ADT's HQ" height="863" width="1727" msid="82655716" hostid="261"></div>The county also has a <a href="https://www.pbconventioncenter.com/">350,000 square foot convention center</a> with 19 meeting rooms for businesses to hold events, conferences, and trade shows.<div type="image" title="Palm Beach County Convention Center" height="400" width="800" msid="82655718" hostid="261"></div><a href="https://www.businessinsider.com/florida-growth-jobs-economy-population-new-york-pandemic-employment-miami-2021-4">Florida doesn't have a personal-income tax</a> but it has a variety of other business benefits, too, Troy McLellan, CEO of Boca Raton's Chamber of Commerce, said.He said Boca Raton has a "rich entrepreneurial environment" and "an ecosystem that supports business and entrepreneurs," in part thanks to actions of Florida Gov. Ron DeSantis. He also points to the collaboration between groups such as the Palm Beach's BDB, the regional Chamber, and Enterprise Florida.Boca Raton alone has three college campus that create a pipeline of intellectual capital for businesses relocating to the area, McLellan said.<div type="image" title="Florida Atlantic University campus" height="1065" width="1420" msid="82655723" hostid="261"></div>There are a lot of transport developments either in place or in the pipeline for Palm Beach County, too.The county has an international airport, which more than six million passengers pass through each year. Even the most northern part of the county, Jupiter, is located just 90 minutes' drive from Miami and Fort Lauderdale airports for a wider range of long-haul flights.Boca Raton also has its own general aviation airport, while West Palm Beach is planning to launch a study into the feasibility of direct flights from the city to the Caribbean to benefit its marine sector.And traveling from West Palm Beach to the rest of Florida is getting easier after it was connected to Miami through <a href="https://www.businessinsider.com/virgin-trains-investor-wes-edens-interview-brightline-florida-passenger-rail-2019-4">Brightline</a>, a rail system with investments from Richard Branson's Virgin, John Boyd of the Boyd Company said. The route will be expanded to include Orlando and its airport as well as Tampa, too.<div type="image" title="Brightline train" height="1900" width="3800" msid="82655724" hostid="261"></div>This transport network is luring both businesses and people to the county.Singer said there had been "tremendous interest" from executives with businesses overseas, who wanted to open offices or even locate to Boca Raton because of its transport links. Meanwhile, West Palm Beach <a href="https://www.wpb.org/government/development-services/economic-development/why-west-palm-beach">says</a> it has "one of Florida's most walkable central business districts," reducing the need to commute.<h2>People were already migrating - but the pandemic sped this up</h2>Not only have businesses been moving to the county but people have flocked there, too.Palm Beach County's population grew by around 14.2% over the past decade, according to estimates from the <a href="https://www.census.gov/programs-surveys/popest/technical-documentation/research/evaluation-estimates/2020-evaluation-estimates/2010s-counties-total.html">US Census Bureau. </a>This is almost double the rate of overall US population growth. Its population sits at around 1.5 million, making it Florida's third-largest county by population and second-largest by size.This growth isn't just because of the natural population increases that you would expect over time. There has also been soaring rates of both domestic and international migration. The county's net migration was around 11,500 in 2020, according to US Census Bureau estimates - compared to a net migration loss of 23,625 for New York County, which has a similar population.<div type="image" title="West Palm Beach" height="1833" width="2444" msid="82655725" hostid="261"></div>Florida is traditionally <a href="https://www.businessinsider.com/personal-finance/best-cities-achieve-early-retirement-2020-11">associated with retirees</a> but McLellan said this trend <a href="https://www.businessinsider.com/wealthy-move-to-vacation-towns-long-term-during-pandemic-2021-2">seems to be fading as more</a> and more families and young high-flyers move to the area.Many of these migrants are coming from the Northeast. Around two in five people moving to Palm Beach County come from the New York City area, per a <a href="https://f.hubspotusercontent20.net/hubfs/2931123/Emerging%20Areas%20in%20SE%20Florida%20(2).pdf">report by Unacast</a>. But some also come from cities like Boston, Chicago, and San Francisco, or even from countries like India and Brazil, Boyd said.<a href="https://www.forbes.com/assets/billionaires/billionaires-2020-map/?v=5">Forbes</a> identifies Palm Beach County as Florida's billionaire hub. The 2,600-square-mile county has around 44 billionaires, Smallridge said. This is roughly as many as there are in the entirety of Los Angeles, <a href="https://www.businessinsider.com/where-do-billionaires-live-top-cities-worldwide-ranked-2019-5">according to Wealth-X's 2020 Billionaire Census</a>, and includes Interactive Brokers founder Thomas Peterffy, hedge-fund manager David Tepper, and food-and-drink entrepreneur Jude Reyes, per <a href="https://www.forbes.com/assets/billionaires/billionaires-2020-map/?v=5">Forbes</a>.It's also the home of <a href="https://www.businessinsider.com/inside-trump-mar-a-lago-club-photos-2018-1">Mar-a-Lago</a>, the US's second-largest mansion, owned by former President Donald Trump.<div type="image" title="Mar a Lago better" height="2000" width="2666" msid="82655727" hostid="261"></div>The county also has around 71,000 millionaire households, Smallridge said. <a href="https://www.businessinsider.com/larry-ellison-tearing-down-palm-beach-mansion-staying-in-hawaii-2021-4">Oracle Founder Larry Ellison</a> recently bought an $80 million house in the county, though he plans to stay living in Hawaii full-time, and fashion designer <a href="https://www.businessinsider.com/a-list-of-all-the-powerful-people-moving-to-florida-right-now-2021-1#tommy-hilfiger-9">Tommy Hilfiger</a> sold his house in Greenwich, Connecticut to move to Palm Beach.Danielle Moore, the mayor of the town of Palm Beach, said it had a reputation as "the hometown of 'captains of industry,'" which she said motivated even more people to move there.People had already been migrating to the county before the pandemic but COVID-19 forced people to address their work-life balance, alongside the deterioration of office culture, the mayors said.Alongside companies opening up offices in the city, the rise in remote working during the pandemic has led to digital nomads flocking to the county.Moore said the town of Palm Beach was experiencing the lowest inventory of available homes "in decades," and house prices across the county have gone up <a href="https://www.zillow.com/palm-beach-county-fl/home-values/">around 10%</a> over the past year as more and more people relocate.<div type="image" title="West Palm Beach housing" height="2016" width="3024" msid="82655730" hostid="261"></div>Some of these people are incredibly wealthy. Sales of million-dollar single-family homes in Palm Beach County increased by more than 140% year over year, according to the <a href="https://www.businessinsider.com/wealthy-move-to-vacation-towns-long-term-during-pandemic-2021-2">2021 Luxury Outlook report by Sotheby's International Realty</a>.Florida has remained largely open during the pandemic compared to other states. This led to people choosing to make Florida their primary residence for the pandemic."People can work from anywhere, so why not work from paradise?" Singer said."That trend is likely to continue because <a href="https://www.businessinsider.com/ibm-ceo-on-return-to-work-and-hybrid-remote-plans-think-2021-5">the office environment of New York City</a> is not what it was," he said. He added that <a href="https://www.businessinsider.com/new-york-income-tax-wealthy-florida-cuomo-miami-budget-2021-4">New York State was also hiking its taxes</a>."When they were closed down, we had plenty of recreation space and great weather year-round, and people are understanding more and more that this is where they want to be," he added.<div type="image" title="West Palm Beach marina" height="1060" width="2121" msid="82655733" hostid="261"></div>Alongside retirees, Florida is also associated with seasonal residents who move to the state for the colder winter months, and Moore said that the town of Palm Beach's population more than doubles during the peak season.But when people relocated to Florida, many started enrolling their children at nearby schools, and soon found themselves settled down in the state, Smallridge said.Palm Beach County's median age is 43.6, "and that number is probably going to stay steady even as we all age because younger people are being born and coming here every day," Singer said.The climate has attracted people, too. The county has an average temperature of 75 degrees Fahrenheit, compared to 53 degrees Fahrenheit for <a href="https://en.climate-data.org/north-america/united-states-of-america/new-york/new-york-1091/">New York State</a>, <a href="https://discover.pbcgov.org/pages/pbc_facts.aspx">hasn't had snow since 1978</a>, and has <a href="https://discover.pbcgov.org/pages/pbc_facts.aspx">around 47 miles of coastline</a>.<div type="image" title="Palm Beach" height="1155" width="2310" msid="82655734" hostid="261"></div>"Most executives will go take a swim in the beach before they even go to work," Smallridge said. "They never have to shovel snow and they don't have to ride with the subway."But even as more people migrate to the county, some to work remotely while others to work for the companies opening new offices in the area, this trend is ultimately creating more employment opportunities for local residents, James said. He added that West Palm Beach has offered financial incentives to companies moving to the city based on the number of jobs they create, including <a href="https://www.wpb.org/home/showpublisheddocument/569/637194293849430000">expedited permit reviews and tax exemptions</a>.McLellan, meanwhile, said Boca Raton was trying to create a pipeline of future talent for businesses in the area, and that the Chamber was working to discourage residents from migrating away from the city.Ultimately Palm Beach County is positioning itself as not just a major financial-services hub, but also a destination for families, young graduates, and high-flying execs to move to.This is perhaps best summed up by West Palm Beach's tagline: "business, life, balanced."

Palm Beach County has around 44 billionaires. The super-rich are flocking there for business opportunities, convenient transport links, and a chance to live in 'paradise.'

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