Phoenix from the Flames: Biloxi on track for rise in house prices

Housingpredictor.com, a site that provides independent real estate market forecasts in the US, has put Biloxi, Mississippi in poll position when it comes to the Hottest Buyers Markets 2008.

The city was ranked top out of 250 markets across the 50 US states, with its growth in house prices predicted at 4.9% for the current year. According to the site, this ranks Biloxi highest of ‘regional economies that are healthy and have strong potential for being exceptionally prosperous through the end of the year’ and is therefore excellent news for property investors.
Following the severe hurricanes that hit the region in 2005, Biloxi needed a complete regeneration programme to be put in place, as Biloxi spokesman Vincent Creel highlighted “We lost 6,000 homes and businesses. That’s a fourth of our stock” and this has meant that in turn foreign investment has been encouraged. Government initiatives and tax incentives have allowed foreigners to see the projects designed to recover the area as solid investments, with excellent benefits both financially and morally, and these recent figures have only confirmed this.
Not only is the demand for housing still incredibly high due to the displacement caused by Katrina and Rita – with Haley Barbour, governor for Mississippi pointing out that the region needs at least 100,000 affordable homes immediately and 300,000 within the next three to five years – but the planned regeneration of the region to become, once again, the second largest centre for casinos in the US means that more and more people will need homes to rent in the future.  
Within this context, it is easy to see how a growth of 4.9% has been predicted for 2008 house prices in Mississippi and one such regeneration project is seeing exactly this. Danny Silver, Principal of Property Direct America says that Bayside Park in Biloxi is a firm choice for those looking to cash in on the region’s growing real estate success:
“We have already seen a growth in the values of our homes this year and within the context of the regeneration of the area it is easy to see why Bayside Park is a good investment for overseas buyers. Not only this but government initiatives as part of the Gulf Opportunity Zone mean that investors have access to LTV mortgages of up to 90% as well as tax breaks that make this an even better investment chance”.
For more information on investing in Bayside Park, please contact Property Direct America on 0207 043 0792 or visit www.propertydirectamerica.com.