There are several reasons to invest in the Cleveland real estate market. And not just the Cleveland Akron area.
Ohio in general is an interesting market and everything let us assume it’s going to stay this way in the next several years.
So, what are the main reasons?
IMPORTANT REDEVELOPMENT PROJECTS IN THE CITY
The Opportunity Corridor is being created in the southeast of the city in an area formerly known as the Forgotten Triangle. The new boulevard, in completion by 2021, should spur growth in the Slavic Village, Kinsman, Buckeye, and Fairfax neighborhoods, which have all experienced long economic problems.
NEW COMPANIES ARE SPROUTING UP CLEVELAND
Several structures and organizations are drawing in startups: the city’s Health-Tech Corridor, the Downtown Cleveland Alliance’s Business Development Center, the Cleveland200 fund and last but not least a silicon valley incubator, Plug and Play.
EMPLOYMENT IS UP
Unemployment hovers around 4,5% and many new jobs in technological sectors are being created. That means new people with enough spending capacity to invest in buying new houses.
HOUSING PRICES ARE CREEPING UP
A direct consequence of what we’ve just said is the slow but steady creeping up of housing prices. For investors it’s always a nice news.
THRIVING CIVIC LIFE
Cleveland is slowly becoming a beautiful city. Redevelopment has converted historic factory buildings into studio, housing, and retail space, and property prices in the main neighborhoods are rising fast. These developments will improve the quality of life in the city and therefore attract people.