Wealthy Chinese Buyers Now Eyeing Miami for Investment Potential
by Sep Niakan | October 28, 2013
For the uber-rich in China, owning one or even two luxury homes in Mainland China is no longer enough. With cash to burn, an increasing number of wealthy Chinese buyers are now turning their attention to the emerging global marketplace of Miami. The local South Florida market is rapidly becoming a go-to choice for the purchase of many Chinese eyeing second or even third home purchases.
More than ever before, the Chinese are looking to invest in Miami. According to the National Association of Realtors, more than $8 billion will be spent on American homes by Chinese buyers this year. Perhaps even more interesting is the fact that approximately 70 percent of those buyers will pay cash for their home purchases.
The Miami Association of Realtors has already established a partnership with China Global United Real Estate Group in an effort to cultivate exposure for the local Miami market. As part of that campaign to attract buyers from China to Miami, the Association will be traveling to China to conduct business meetings and property shows.
Interest in Miami as well as recognition of the city as an international gateway is gradually emerging throughout Asia. Many of the Chinese buyers expressing an interest in purchasing American real estate are real estate tycoons in their own right or wealthy industrialists. During the past 10 years, the gross domestic product in China has grown by exponential rates. This has result in the production of a vast amount of cash for many of China's top business people. The purchase of Miami real estate is now seen as a stable and safe investment.
While many prospective Asian buyers are choosing to purchase vacation homes, others have elected to purchase homes for their kids who are attending school in the United States. With some of the finest colleges and universities in the nation located in the greater Miami area, including the University of Miami, Nova Southeastern University, and Miami-Dade College, options abound. Combined with a vast array of entertainment options sprinkled throughout South Florida, and prospective buyers from the burgeoning Asian market will find plenty to love about Miami.
by Sep Niakan | December 06, 2016
It’s my favorite time of year to be in Miami! The weather has cooled off a bit. The city’s abuzz with people from every corner of the world (thanks to Art Basel). The holiday spirit is gradually taking over, and there’s a bunch of...
by Sep Niakan | November 29, 2016
This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...
by Sep Niakan | November 24, 2016
Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...
by Sep Niakan | November 22, 2016
It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...