January 31, 2017
Russians topped the list of countries searching for Miami real estate online for the first time ever in November. Colombia, Venezuela and Argentina followed Russia, with Canada dropping from the top spot to number 5.
Russians are highly attracted to Sunny Isles Beach in South Florida. According to the Association of Realtors, approximately 7.4 percent of the beautiful coastal city's residents cite Russian as their first language. However, since the 2014 U.S.-imposed sanctions against Russia took effect, some real estate agents have noted a slowdown in Russian buyers. If those sanctions are reversed, that trend might change.
There are currently 6 Trump-branded condominium towers in Sunny Isles Beach that have historically attracted Russian buyers. Russians are also drawn to the South Florida areas of Bal Harbour and Surfside. Additionally, Russian developers are active in Miami's Edgewater neighborhood and that Bay Harbor Islands.
For the most comprehensive insight on the South Florida luxury real estate market, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422.
Source: The Real Deal
