Over the past decade, there has been an increase in the number of Chinese nationals who are interested in making investments in properties in the United States. Many of those buyers initially looked to areas such as New York City when they were buying, but in recent years, they have turned their attention southward. While they don’t yet make up the same number of buyers in Florida as Latin American and the northeastern U.S., the number of Chinese real estate investors in Miami is growing.
Currently, China accounts for about 2% of the overall investments made in Miami. However, this is expected to grow substantially in the coming years. They estimate that it could be about $50 billion in real estate investment across the United States within the next ten years.
Why Miami’s Real Estate?
You will find that these investors are interested in properties in the area for the same reasons that investors from other parts of the world like Miami. It is a fantastic location that is continuing to grow. It’s becoming a hub in international business, and you have all the beautiful beaches and the ocean, the great weather, and the shopping. Even the allure of the night life has brought some buyers from China. Miami is currently the seventh city on the list of most important global cities, at least per the Wealth Report.
Miami is becoming a truly global city. It’s already multicultural, and with the influx of new people and new businesses, it will become even more important on the global field. As Miami becomes even more important to the world stage, you can expect the number of buyers to go up.
Of course, there is another big reason that Chinese investors have started to take a real liking to this city. It’s all about the prices. Sure, when many look at the cost of homes in the Miami area, the prices can seem on the absurdly high side. However, when you compare the price of comparable homes in places such as NYC, Paris, and London, you will quickly see that Miami is offering some real bargains.
The prices have even started to come down further over the course of the past year. Chances are good that this will mean even more foreign investment from China and from other locations over the coming months and years.
Something for Everyone
People also enjoy that there are condos and homes available for all types of buyers from China. Those who are looking for the biggest and best in luxury properties will have a plethora of choices.
However, those who are on the search for something that is friendlier to their budget should have many options available as well.
Because there is a push toward getting Chinese investors on board with buying in Miami, many real estate companies have even taken to hiring people who speak Mandarin to help them with the sales. The future looks bright for foreign investment in the Miami area.
Find out commercial real estate deals in North Miami Beach or contact Leon Bell regarding any any commercial real estate in Miami at (954) 560-7802.