Miami Courts Chinese Investors
A real estate development sales and marketing company based in Aventura recently achieved $7 million in sales at a Fort Lauderdale-based condo-hotel. Who were the buyers behind this beach project? They were Chinese investors.
Miami has been wanting to court the Chinese market for years, considering it’s the second largest economy in the world. In an effort to secure connection between the country and the city of Miami, brokerage houses in the city have started sending people abroad for the purpose of marketing properties to Chinese investors, going as far as hiring agents that can fluently speak the language.
The same company that sold the $7 million in sales also took a tour of various projects across Miami-Dade County, promoting and showcasing them to several of the bigwigs at Homelink, a major real estate company based in Beijing. The tour included several properties in Sunny Isles Beach, the Downtown Doral area, as well as in Fort Lauderdale.
Chinese brokers and investors are aware of Miami’s comparably inexpensive properties when viewed alongside other markets like New York and San Francisco, they’re also aware of the glut of inventory. Chinese buyers are responsible for fifteen percent of sales at the upcoming Paramount Miami Worldcenter, just one example of the strong foreign interest.
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.