The new Silicon State: Florida boosted by medical cash injection
- Visit Florida bringing new $2.5 million grant to state’s medical tourism industry
- Set to dramatically grow demand for local housing stock for both visitors and workers
- Brookes & Co’s The Club at Sunset Lake offers chance to capitalise on investment opportunity
Tourism has long-since been Florida’s economic mainstay, with the state – and it’s vacation-epicentre of Orlando – becoming synonymous with Micky Mouse, theme parks, year-round sunshine, beautiful beaches and family holidays. Yet, the Sunshine State is not resting on its laurels, not content just to be the world’s entertainment forerunner, a new money-maker is in town and it is set to shake the region’s tourist industry up.
In an unparalleled move by Visit Florida, the state’s tourism body, a brand new $2.5 million grant programme has been announced to support the growth of the state’s medical tourism industry, setting Florida up as the go-to US destination for medical procedures, including cosmetic surgery. The new grant will be used to greater promote the medical tourism services on offer in Florida, as well as to encourage more medical professionals to make the state the location of choice for their industry meetings, conferences and training courses, in turn boosting the sector considerably in a move that is the first of its kind.
This boost is set to see a dramatic effect on the local economy, bolstering the state’s finances directly through spending but also by expanding the need for housing stock, be it for those visiting or for the increasing number of workers being employed in the medical industry in the vicinity.
Not only looking to attract domestic US medical tourists, the new approach for the Florida tourism industry is also aiming to attract worldwide visitors looking to marry their medical procedures with the confidence of being treated in the US and the relaxed atmosphere and warm climate of the ever-popular Sunshine State. And cosmetic surgery in the US is increasingly big business. According to the American Society for Aesthetic Plastic Surgery (ASAPS), the number of such procedures grew by 6.5% from 2012 to 2013, with Transparency Market Research (TMR) revealing that the CAGR (compound annual growth rate) is due to increase by a staggering 17.9% from 2013 to 2019 globally.
With the South Atlantic Region that includes Florida making up some 19% (310,441) of the country’s total cosmetic procedures in 2013, up 1% on 2012’s figure of 292,579 (according to ASAPS), and the injection of the new grant on the horizon, this is set to expand on a large scale for the new ‘Silicon State’. Philip Button, Managing Director of leading property investment company, Brookes & Co, who have been working in the Florida market for over a decade, explains,
“There is no denying that in today’s body-conscious society, cosmetic surgery is big business and with current estimates stating that $5.2billion is already being spent by 375,000 of the US population on medical tourism in Florida, it is clear that the Sunshine State has more to offer than just the traditional fun-in-the-sun image it has become world-renowned for. And with $2.5 million set to be injected into the market to further develop this potential, the opportunities for growth are immense.”
And Florida is already making inroads into this growth. The ground-breaking 650 acre Lake Nona Medical City, being developed in Orlando that is due to be completed in 2017, is not only on track to create 30,000 jobs but also to generate $7.6 billion wealth for the economy, an undeniable impact. The results of this are that not only are there increasingly ample opportunities for investment in the Florida property in market for renting to visiting medical tourists but also for savvy investors to buy into the domestic market set to boom as a result of the growing jobs in the sector.
One such project that illustrates this growth opportunity is Brookes & Co’s Orlando project, The Club at Sunset Lake, whose successful first phase that sold out in record time can in part be attributed to the close proximity to Lake Nona Medical City. Seeing the launch of a highly anticipated phase two of the development, now is the opportune time for buyers to secure their part of this investment project that offers a 5-year rental guarantee with a 6% return after all costs.
The Club at Sunset Lake has been designed to meet the needs of Florida residents who are seeking rental properties of a superior standard, whilst being close to all amenities and boasting facilities of the highest quality. The luxurious facilities, including an exclusive club house and swimming pool, fitness centre and spa, sports courts and cycle paths, as well as a lake-front park and picnic area, ensure that The Club at Sunset Lake makes the most of its beautiful setting. The spacious two, three or four bedroom properties are priced from £96,950, the larger also with garages.