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Developers Seek to Appeal to the Chinese


August 23, 2016

This past weekend, a group of Chinese real estate brokers were taking a tour of South Florida’s many luxury condo projects as developers seek to boost business dealings with the Far East. Miami has a significant advantage over other major metropolitan areas like Manhattan or San Francisco in that the prices are dramatically lower in the Magic City than those two traditional Chinese buyer hotspots.

Between April of last year and March of this year, Chinese buyers spent over $25 billion on United States real estate, considerably more than Canada which came in second place at a much lower $8.9 billion per the National Association of Realtors. Despite the gargantuan amount, very little of that money was used here in South Florida, and it may have something to do with the lack of direct flights between Miami and China.

Chinese buyers accounted for a mere two percent of international sales in Miami-Dade and Broward County last year, according to the Miami Association of Realtors. Although that’s twice the amount that it was back in 2012, Miami real estate boom has a lot more to do with the influx of Latin American buyers. With currencies not doing so hot in major markets like Venezuela and Brazil however, developers are looking to appeal to the deep pocketed Asian market.

This update is presented by Miami Beach Realtor Tim Allen of Blackstone International Realty, specializing in Continuum South Beach.  If you are interested in Miami Beach condos such as the Continuum condos for sale, call Continuum expert Tim at 305-588-2451 for information on sales and rentals.