Editor’s note: This article was contributed by Paula Henao, global real estate advisor at Atlanta Fine Homes Sotheby’s International Realty, as part of her annual partnership with Global Atlanta.
The impact of economic development on the real estate market in Georgia cannot be underestimated. As new businesses continue to invest in land, offices and operations in various locations around the state, the need for residential and commercial property rises in tandem.
Foreign direct investment and companies with international ties represent a significant portion of this development.
Towns like Alpharetta, Johns Creek, Suwanee, and surrounding areas are booming with investment in the health care and fintech industries, prompting housing and commercial property development.
Similarly, residential and commercial real estate is expected to grow in other counties near the site of the new Rivian Automotive Inc. electric vehicle plant in the Interstate 20 corridor east of Atlanta; in Gwinnett County with the Rowen innovation district located between Athens and Lawrenceville and in many other areas of the state where companies are choosing sites to establish their footprint.
These investments offer real estate opportunities not only for newcomers to the state but also to current homeowners aiming to build wealth through their property investments.
Pent-up inventory set to hit the market in 2024?
As interest rates rose in 2023, the housing market slowed to a pre-pandemic pace. This pattern looked more like the “traditional” market, with the year unfolding with a slow start, gradually gaining momentum leading up to spring and reaching its peak in May. The months of June and July witnessed a temporary slowdown, attributed to the typical lull during graduation season and summer break. Activity picked up post-summer, aligning with the return to school, only to taper off as the holiday season approached.
The…
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