From Northern Ireland to Florida Rory McIlroy style

It's a dream move for many people in Northern Ireland, but for Rory McIlroy it's become a reality. The young Ulsterman recently made the move to a luxury pad in Florida. For many people in Northern Ireland a similar move is not beyond their reach.

For golf fans there are few places like the Sunshine State. And while McIlroy's old County Down house contained golf practice areas in its 14-acre grounds, few could argue with the golfing facilities that are now on his back door in Palm Beach.

McIlroy's new home is a six-bed mansion worth close to $10.9 million - around Ј6.8 million at today's dollars to pounds exchange rate. While most would-be expats do not have those kinds of funds available, there is a huge opportunity to take advantage of Florida's real estate market, which is beginning to hot up.

The median price of a single-family home in Miami-Dade County jumped 20.5 per cent in August to $235,000 from $195,000 a year earlier, according to the Miami Association of Realtors.

Florida remains the top state for international buyers, accounting for around a quarter (23 per cent) of international purchases across the US.

But while many looking to buy in Florida won't have McIlroy's bank balance, most will be bringing more funds to the purchase than local buyers. "International buyers are more likely to be substantially wealthier and looking for a property in a specialised niche," says Miami Association of Realtors. For the 12 months ending March 2013 the median international home price was $275,862, versus $179,867 for domestic buyers.

The good news for anyone wanting to follow in McIlroy's footsteps is that house prices in Northern Ireland are very much on the up, according to the Royal Institution for Chartered Surveyors (RICS). Around 60 per cent of respondents told the monthly RICS survey that prices were up in the three months to the end of September - and none said prices were down.

propertynews