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Demand Heats Up Miami’s Condo Market
Things are really turning around for Miami’s Real Estate market and it has gotten as hot as the temperature, as far as Jorge Perez ( Chairman and CEO of The Related Group) establishes. There is a huge increase in international demand led by Latin America, followed by Europe, making it possible now to the local young professionals to afford living in luxury condos since what is happening to a large extent, is that Latin American investors are buying properties in places like Brickell Avenue (which is sort of Miami’s Madison Avenue) and then renting them to the younger professionals who don’t have the cash to buy the unit. Given the low rates that these foreigners are receiving, they end up getting 2% to 3% return plus the appreciation of the unit.
Even the very luxurious projects in Miami that are selling for $1,500 SF become a great investment opportunity compared to luxurious properties in New York that sell for $5000 to $6000 SF or even Waterfront Rio de Janeiro for $2000 to $3000 SF so Miami is still relatively inexpensive to the Latin American market.
Taken from “Demand heats up Miami’s Real Estate Market”
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