Miami has been a hot vacation spot for as long as it’s been on the coast! Famed for white, mile-long beaches, an abundance of art and culture, and a nightlife that’s unheard of, Miami has always been on the map for visitors near and far. Investors, however, are re-shaping the Miami market as they turn their attention to the thriving coastal real estate.
The Miami Herald reports that homes, condominiums, and apartments are being built with the foreign market in mind. With an emphasis on family living, builders are creating wide, spacious homes that can serve families of all sizes. “Developers are building to their buyers,” said Tom Murphy, co-president of Coastal Construction, which is building more than a dozen luxury projects in South Florida.
As demand grows in Miami, investors are seeking even more luxurious properties. It has becomes survival of the fittest, so to speak, and companies are stepping up to the plate to provide the properties that will keep their buyer’s interest. Real estate and construction are hand-in-hand, focusing on lifestyle building rather than space; quality rather than quantity. To keep up with the competition, there is a design emphasis on outdoor spaces, family rooms, split level housing for privacy.
One of the reasons for an interest in South Florida besides the incredible location, is the incredible price. Foreign investors are getting amazing bargains compared to other global cities. For a glimpse of the savings, one only has to look at Miami prices compared to the rest of the world. EWM research in 2014 compared prices and the results clearly show the drive for Miami.
Urban apartments in…
- London ($2,948 per square foot)
- New York ($2,024 per square foot)
- Moscow ($1,243 per square foot)
- Miami Beach ($760 per square foot)
- Miami ($475 per square foot)
- Fort Lauderdale ($400 per square foot)
Miami has interest from investors all over the world, but Latin America continues to be the heavy hitter in South Florida real estate. In 2014, Latin Americans accounted for a whopping 68 percent of all foreign buyers in Miami-Dade and Broward counties. The following shows what countries made up the highest percentage of international deals:
Source: Miami Association of Realtors
It’s all about location, location, location, and there’s no better place to be than South Florida. Foreign Investors are bringing renewed interest to Miami-Dade and Broward counties. After a dip in the real estate market, we’re starting the steady climb back to the top. Here’s to continued success and a growing market!