Asian Buyers Virtually Present in Every New PreConstruction Project In Miami

Asian Buyers Virtually Present in Every New PreConstruction Project In Miami

As Miami continue to expand into a larger and more advance trading center, increasing numbers of Asian investors have decided to have their share in the Miami Real Estate Market.  Asian buyers, especially from China and Japan, have been increasingly purchasing residential real estate in top international destinations, such as New York, California, Hawaii, the UK, Spain and Australia but lately Miami is becoming a definite favorite destination.

It would be surprising not to find at least one Asian owner in each one of the new 186 condo towers in South Florida. According to Craig Studnicky, principal at International Sales Group, Asian buyers are buying in all of his projects, but not in big numbers yet.They are buying in Aventura, Brickell Avenue and Downtown Miami, he said, in projects including Echo Aventura, Echo Brickell and Vizcayne. A major factor behind investor’s growing appetite for Miami properties is the relatively low selling price. It is no secret that as of today California prices, Hawaii prices and New York prices are way more expensive than the Miami market. Another consideration to be taken into account is that Miami has a large concentration of international banking and no state or city income tax.

When purchasing real estate overseas, Asian buyers consider the value of the property, their established relationships with brokers, and the ease of travel. Many investors are also buying multiple units because they plan to send their children to study in the US and to lease the remaining properties, Miami Today reported on Tuesday. Once more direct flights from Asia to Miami become available we can expect an increase of Asian investors doing business here.

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