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September 23, 2014 / Maggie Mercer / 0 Comments / Investing in Luxury Homes

Foreign Buyers Flock to Miami Real Estate

Foreign buyers are pouring into the Miami real estate market and it’s luxury they’re after. According to a recent Wealth Daily article, the total international sales in the United States from April 2013 to March 2014 was $92.2 billion, up from $68.2 billion the previous year. Buyers from Canada, England, France, Brazil, Venezuela, China and Hong Kong are coming to America in search of a getaway, a dream home, and an investment property, and they are finding them in the Sunshine State.

When foreign buyers are looking for a property, they are typically seeking three things: an area that is economically stable, the most bang for their buck, and a great investment opportunity. Miami real estate offers all three. In recent years, the city of Miami has been rebounding, in a major way, from the real estate crash in 2008. It’s growing, and growing quickly. Since the 1930s, Miami has been a popular destination, with white sandy beaches, incredible weather, world-class shopping, entertainment, and dining, and a local flair that is like no other. And now that the real estate market is holding steady, it’s chalked full of investment opportunities. It’s  stable, highly desirable, and has a bright future. It’s no wonder that foreign buyers are flocking to the region.

When it comes to luxury and class, Miami sets the bar. In addition to the amazing backdrop, Miami boasts a rich and seasoned culture all its own. The Miami City Ballet, Miami Symphony Orchestra, countless museums, world-renowned restaurants, priceless art, shopping galore, and numerous cultural events combine to attract even the most cultured and wealthy jet-setters. Throw in the fact that Florida is incredibly tax-friendly (no personal state income tax and no state inheritance tax) and economically, an investment here just makes sense. The financial district is also growing, meaning that not only can the wealthy play here, but they can work here too. And real estate developers know all of this, which is why they are making great efforts to provide luxurious, spacious, amenity-packed condos that include amazing ocean and bay views, pools, beach services, restaurants, hotel-style spas, concierge and valet services, and much, much more. Additionally,  many condos are teaming up with hotels, making the investment income potential limitless. These properties have the ability to generate up to $30,000 a month in rental fees when not in use by the owners. How’s that for an investment?

When it comes to luxury real estate, there’s a reason foreign buyers are coming to the MIami area. According to the most recent annual survey by Knight Frank, a London real estate consulting firm, Miami ranked seventh on the list of favorite cities around the globe, putting it above Dubai and even Paris. When considering where to buy your next luxury property, Miami certainly deserves consideration.

 

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