So, you’re thinking about buying real estate in Miami. Maybe your draw to the city is its location and climate; maybe it’s the market trends with their seemingly endless growth in the near-term future or the easy availability of financing. Maybe it’s something more…
People from all around the globe come to Miami for a plethora of reasons and it’s hard to imagine how an investment in the subtropical paradise could go wrong. From skyscrapers to detached homes, Miami is host to living structures suitable for professional tenants with stable incomes. In particular, luxury apartments are on the rise. In South Beach alone, the average price of apartment sales grew by nearly twenty percent since last year.
With its Latin-Infused culture, natural beauty and pronounced fashion and film industries, the attraction to the city does not discriminate. Tourism provides a strong economic scenario with multiple employment opportunities in the industry. According to the 2017 Miami Visitor Overview Report, ninety-four percent of visitors said that they were definitely or very likely to make a return trip to the area in the future. A strong economy is key for investment opportunities because it ensures long-term tenancy for potential buyers. Twenty-six million dollars in direct expenditures were reported during the same time frame, two-thirds of which were a result of international tourism (seventy percent originating from Latin countries).
Luxury apartments offer a service to elite clientele, providing short to long-term housing with the privilege of the upper class while maintaining the flexibility of apartment living. When you invest in a luxury apartment building in Miami you are investing in so much more than the brick and mortar: You are investing in a people and a culture that has sustained itself through the appeal of natural beauty for decades. So, why Miami? Well, why not?