Former Rangers FC Director, and Edinburgh businessman, Ian Russell, has set up a business to offer Scots the chance to take advantage of the ailing property market in Orlando, Florida.
Whilst the sunshine property market has suffered as a result of the global recession with prices tumbling by as much as 50%, experts are predicting that the market has hit rock bottom providing canny investors the opportunity for growth.
Unlike other parts of the world, Orlando has burgeoning business and academic sectors, attracting high numbers of domestic visitors to the area, as well as overseas tourists, providing a lucrative rental market.
Recognising this opportunity Ian, whose company, Caledonian Management operated fund opportunities in the Middle East, and his business partner, Donald Paterson, who has been advising clients on overseas property for over 15 years, have set up Map Central Florida Property Investments to launch an investment fund investing in Florida property.
Ian Russell said, “You can buy cheap property anywhere in the world at the moment but how an area manages its return to recovery is important. Florida is the second largest university state in America. It is a strong conference destination because of the facilities it offers and has the obvious tourist attractions and theme parks. As a result it has a huge pipeline of people wanting to rent properties who are not interested in buying.
“America is three to four years ahead of us economically and repossessions are expected to reach an all time high this year. All the signs indicate that property prices in Orlando will start to increase. We believe we have a window of opportunity, therefore, to create a vehicle to take advantage of this.”
A number of established developments have already been identified for property purchase by the Fund in gated communities which are rented to professionals working in the vicinity rather than accommodating seasonal tourist visitors. The developments include Manhattan, The Registry, Madison, Trade Winds, Villa Medici and Plantation Park.
Further information is available by visiting the company’s website or telephone 01292 317214.
