Miami’s Strong Housing Market Driven By International Demand/ September 9, 2014
Not only has Miami recovered from the recent housing crash, but it has risen to become one of the strongest real estate markets in the United States, particularly in the area of luxury homes. While several factors may explain why Miami has performed well above other cities, the chief contributor is its attractiveness to foreign buyers and investors.
According to a recent study conducted by Integra Realty Resources, a major real estate consultancy and appraiser, an outpouring of overseas investment has not only kept Miami real estate hot, but has contributed to a booming development industry. As The National Law Review reports:
In Miami’s case 90% of all the new downtown construction is due to demand from foreign investors. Less than 11% of these are being used as primary residences. Further, most of these foreign buyers are interested in “high-end” real estate and are paying cash, as evidenced by Miami’s current luxury property building frenzy. These luxury properties are buyer financed, requiring hefty, pre-construction deposits
Indeed, another article from Reuters highlights a telling anecdote: Dezer Development, a leading global developer, has received deposits from 22 billionaires for units at the preconstruction Armani Residences in Sunny Isles Beach – the cheapest unit in this sleek high-rise is $5.5 million, a clear testament to Miami’s powerful global brand.
Investors from Latin America, Europe, and East Asia have been especially bullish. At least 65 percent of overseas buyers come from South America, particularly large economies like Argentina and Brazil. Meanwhile, Chinese investors have increasingly set their sights on Miami, which is now among the top three U.S. cities to take the lion’s share of their $22 billion real estate investments.
The data are clear: Miami Real Estate is driven by international demand, and such demand can best be met through a responsive and functional online presence. Foreign buyers rely on the Internet as their primary tool for exploring and learning about Miami’s dynamic real estate market. Realtors seeking to tap into this opportunity thus need websites that will stand out and accommodate this influx.
TREM Group has been a leader in Miami Real Estate Web Design for over seven years. Based locally, our company is deeply familiar with the area and its market, having worked with some of the biggest real estate specialists around. We can help you devise a personalized Miami Real Estate Marketing Plan that will cater to your goals and help you gain leads from this ever-growing market.
To learn more about the opportunities that await, contact us at 305-705-5000.