Who is Buying Real Estate in Miami?December 22, 2016
The answer to this question has certainly changed over the past few of years. From 2011 to 2015, it would have been a simple answer: foreign buyers from Latin America and Europe. However, a shift in buyers of Miami real estate has started to happen throughout 2016.
Wealthy Turkish Buyers Enter
Over the past two years, the number of wealthy buyers from Turkey has increased. These buyers have their sights set on luxury condos in Miami to use as second or even third homes. About 5% of pre-construction inventory is sold to Turkish buyers, according to Miami condo developers.
Chinese Investors Starting to Show Interest
Another group of buyers starting to show interest in Miami come from China. A few wealthy Chinese buyers have entered the market, which may spur developers to follow and attract more Chinese buyers.
United States Buyers From the North
Buyers from the northern states, specifically New York, have also entered the Miami real estate market. Many are purchasing properties as a second home or a winter home to escape the colder temperatures found in northern states.
While Miami still remains a top market for foreign buyers, the shift from Latin America and Europe is in full swing.