August 26, 2016
A group of top Chinese real estate brokers recently toured some of South Florida's most prestigious new luxury condo developments. In the past, Chinese buyers have largely been attracted to San Francisco and New York, but South Florida developers are bidding to add Miami to that list.
Between April 2015 and March 2016, Chinese buyers poured out 27.3 billion dollars on real estate in the United States. To put that in perspective, second-place Canada spent 8.9 billion dollars on American real estate in the same time period. However, buyers from China made up just 2 percent of foreign sales in Broward and Miami-Dade counties in 2015. With Latin American currencies falling, Miami-area developers and brokers are hoping to attract valuable new Chinese buyers to the South Florida market.
“This is something you could never dream of, even for a millionaire in New York City. But this is a typical view for a citizen of Miami," Gene Shi, president of international operations for China’s Homelink brokerage stated.
While the new condominium developments and area attractions in South Florida are world-class, a direct flight from China to Miami would help seal the deal. Airport officials are hopeful that will happen within the next 24 months.
For all the latest information on luxury real estate in South Florida, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422.
Source: Miami Herald
