The cultural diversity of Miami contributes to its real estate developmentJune 3, 2016
The analysis of cultural influences on the real estate buying patterns is crucial to understand the market and adapt the right strategy. Miami is a perfect example : more than 50% of Miami’s demography are foreign born, it is a mix of several cultures that constitutes a heterogeneous market with different expectations. This diversity makes that South Florida, and more especially Miami, is an important economic actor on the international real estate market.
The South America’s gate
Thanks to its geographic positioning, Miami is now the South America’s gate for the US. Several investors of this area invest in Miami, live there a few months per year, and implement the headquarters of their companies. They represent 76% of the buyers in Miami-Dade and 63% in Broward. They are attracted by the positive economic conditions, the geographic proximity and the ideal living conditions thanks to the tropical climate and the floridian lifestyle.
However, other areas of the world are also represented, and they invest more money. The 5 biggest investments of the previous year were realized by investors from Spain, China, Canada, Norway and UK. Asian, European and Canadian people are investing in the area, but in different locations . Asian people are mainly attracted by Palm Beach, European and Canadian also but they invest in Broward as well. Miami-Dade is mainly chosen by South American people.
With particular market conditions, the actors of the real estate market adapt their strategy. Adapted communication tools, polyglot and multicultural agents, everything is done to attract foreign investors and help them in their real estate investment. At Barnes International Realty, we observed that every transaction is done with international interlocutors. During a negotiation, we often trade with people from several different countries and culture. Our team is multicultural, which allows us to adapt ourselves to every context and make the transaction successful.
A durable evolution for the local real estate market
This diversity is a strength in terms of demography, it is also a important factor of attractivity of the market at a worldwide level. Miami has become an international magnet that attracts investments on a long-term basis.
Despite all the experts previsions in 2009 predicting that the sale of the 19000 condos available on the market would last 2 decades, 4 years later only less than 8000 were still available. Now the real estate market in Miami is stable, and durable in order to be attractive on a long-term basis for the investors.Back to blog