Chinese Betting on Miami
August 13, 2015
According to Frank Knight, homes prices 25% lower than Shanghai, cultural diversity, high quality of life and market uncertainty are drawing Chinese to Miami. 22% of Asians are considering moving to another country. Between 2003 and 2013, China lost 16% of high net worth individuals, which is among the highest percentage of an emigrating population worldwide. Known for its low taxes, great weather, cosmopolitan lifestyle and strong diverse international population, Miami is attracting many foreigners who are betting on Miami becoming the next Singapore. The newly wealthy in China already have established a pattern of leaving the mainland to pursue opportunities in other countries, and the US remains a top destination for this demographic.
As recent upsets in the Chinese stock market suggest, instability, as well as other factors, will continue to attract record numbers of Chinese to the US with Miami making significant gains in importance. In this time of turbulent market forces, real estate in key locations is viewed as a safe haven for cash, and Miami makes that list. The US is a favored destination for its education, relative stability, low tax base and economic opportunities. Miami will continue to attract new populations to its shores especially among the Chinese who are leaving for opportunity, to protect their wealth and to flee otherwise oppressive conditions. It’s a growing factor likely to play out favorably for the luxury market in Miami over the next five years.
Related: Wealthy Chinese Investors Turn their Attention to Miami Real Estate
