Home News Fundrise CEO Predicts Coastal Real Estate Markets Are Going To Start Declining

Fundrise CEO Predicts Coastal Real Estate Markets Are Going To Start Declining

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The real estate market is expected to undergo dramatic changes due to a combination of macroeconomic and geological factors. One of the most significant changes is the declining demand for coastal real estate as climate change concerns grow. Now, rising sea levels are putting once-coveted beach houses and oceanfront properties at risk. fund-raising Co-founder and CEO Ben Miller also expects an unbalanced diaspora to the Sunbelt region to depress coastal real estate values, which he discussed in a recent article. Yahoo interview!finance.

Climate change and coastal features at risk

The US coastal real estate market is worth more than $1 trillion and is rapidly dying.Coastal real estate across New Hampshire, Massachusetts, Rhode Island and Maine already A combined $403 million lost in value, according to data published by the First Street Foundation and Columbia University.according to freddie macestimates that the economic costs of flooding across the US coast are “greater than those experienced during the housing crisis and the Great Recession.”

This is not surprising as climate change continues to wreak havoc globally. In 2022 alone, most of the western countries of the northern hemisphere are facing severe wildfires and heatwaves, with countries experiencing record high temperatures. Meanwhile, several countries in South Asia are experiencing massive floods. The current crisis in Southeast Asian country Pakistan has already been called a “climate catastrophe” by the United Nations.

future of real estate

Miller is optimistic about the real estate market, despite the recent slowdown in housing demand across the United States and declining coastal real estate values. Real estate is one of the most stable assets to invest in. Fund rise type real estate fund It outperformed the stock market by a whopping 25% in the first half of this year, and Miller expects that trend to continue.

image provider Lee Marie from Pixabay

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