Miami’s luxury Real Estate market has become the preferred choice for foreign investment in luxury residential properties, out-ranking New York and Los Angeles for the first time. According to a recent market analysis conducted by Data Loft, a UK-based property market intelligence company, Miami took the lion’s share of the total foreign residential investment in the US at 26% in 2017. Currently, it is estimated that foreign investment accounts for 80% of all luxury properties being purchased in Miami. Of that, 95% is believed to be cash investments.
A number of factors account for this attraction to Miami among foreigners. Today’s relatively weak dollar compared to foreign currency is a major incentive for the foreign real estate investment in Miami. Uncertainty over other world currencies and the tentative future of the EU is driving foreign dollars to Miami’s shores as the US continues to promise a rosy economic outlook. On the other hand, traditionally reliable global real estate markets such as London, Paris, and Italy have become prohibitively expensive and returns on investment have grown tepid as growth has begun to stall.
A big part of what’s driving investors to Florida’s sunny shores is its quality of life issues. With ideal tropical year-round weather and the vibrant fabric of the city’s multicultural lifestyle, Miami has become the go-to destination of a new generation of sun-worshippers who appreciate Miami’s laid-back philosophy. Yet, there is nothing laid-back about Miami’s robust future which boasts the second biggest financial district outside of New York. Considered the gateway to dynamic markets like South America and Asia, Miami is indeed the best of both worlds. We are ready and waiting to work with you to make Miami your new home away from home. Contact our seasoned staff to assist you in giving your investment a happy landing in Miami.