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Palmetto Bay Downtown News

Posted on: June 2, 2017

Property gains slow in Miami-Dade amid ‘relative weakness’ in market

Miami-Dade’s real estate market saw growth slow to 5 percent at the start of 2017, but more than $8 billion in new construction should provide local governments some breathing room at budget time.

The 5 percent gain for existing properties in Miami-Dade is less than the 6.9 percent growth a year ago. But if that deceleration reflects a broader cooling of the housing market, the new numbers from the Property Appraiser Office capture a building boom that helped define real estate in 2016. With $8 billion in new construction for the year — roughly $22 million built every day — the county’s overall tax base grew by 8.2 percent.

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