It’s not the first place that might come to mind when you think of hot U.S. property markets, but overseas investors are now beginning to take an interest in Detroit.
Famous for its motor industry, Detroit has been picking up lately as employment numbers and the local economy continue to improve. Major employers such as Ford and General Motors are reporting profits in the billions of dollars for the second quarter of the year.
When the car industry declined some years ago, about 230,000 workers were laid off in Detroit. Now about 15,000 new workers have been hired so far this year. Thousands more jobs in other industries are being created as well.
Rod Thomas of Axis Property Investment believes that Detroit is ready for investment, and will be particularly attractive to buy-to-let investors. “‘As Detroit enjoys an economic recovery, investors can benefit from government-subsidized rents, capital growth over time and re-selling back into the local market,” he says.
Thomas points out that the city has many advantages that the average person might not be aware of when thinking about Detroit, such as an excellent health care sector employing 60,000 and a thriving film industry.