The largest city in Michigan and the 11th largest in the US, Detroit is a city in regeneration, ideal for a property investment.
Located on a river leading to the Great Lakes, the metropolitan area of Detroit, and its population of 4,403,437, is known as Motor City in reference to its links with the car industry.
The city and the surrounding region constitute a major manufacturing center, most notably as home to the Big Three automobile companies, General Motors, Ford, and Chrysler. The city is also an important centre for global trade with a number of large international law firms having their offices in Detroit.
There are approximately four thousand factories in the area. New vehicle production, sales, and jobs related to car use account for one of every ten jobs in the United States, making Detroit a crucial region for the economic recovery. The area is also an important source of engineering job opportunities.
The companies in the area are diversifying. General Motors has invested heavily in fuel cell technology, while Chrysler is focusing much of its research and development into biodiesel. The Government has made efforts to lure the region's growth companies to the city with tax incentives, an international riverfront, and residential development.
Detroit suffered heavily in the downturn. After property prices dropped by 80%, one in five houses are being foreclosed. This has made properties available at up to 60% below market value making the city a prime investment area that offers significant growth potential, as well as being backed by the US government rental programme.
Go Investment have managed to secure a wide-range of properties across Detroit for investors to take advantage of the recovery and the regeneration that is happening in the city. Contact us now on 0800 321 3228 to see what we can offer to investors.