Miami luxury offers impact emerging markets
- ttamayo
- Jan 28, 2016
- 2 min read
Miami Real State market seems to close one of its best years and the progressive increase of property sales, especially in cash, continue to be attractive for foreign buyers, who have transformed the market of this city.
Housing construction, especially luxury condominiums, have multiplied in South Florida, especially by the Eastern side. Although sales have remained, they have stabilized despite a large inventory.
We had a conversation with Mr Edgardo Defortuna, President of Fortune International Realty, about which alternative markets for Latin could absorb this wide offer to achieve an increase of sales.
Four years ago The University of Miami had approximately 50 Chinese students, today there are more than 400 there.
Currently, only in the City of Doral over 10000 residential units have been approved. What markets are they considering to sell those residential units?
I believe that the World is in love with Miami, and also when the conditions of some countries change, we have to seek other countries. Most of the 10000 residential units are already sold and with 50 percent of advance deposit. What we have to consider is how many units have not been sold and which the new projects are. I think the absorption set to continue, this is a marked market that is increasing, not only from the residential point of view, but with regard to business, business offices, companies.
Which new markets are currently interested in Miami?
We are seeing an increasing American market; people who had never considered buying a property in Miami are now buying. We also see many people from London and England coming; most people of China have bought properties, four years ago The University of Miami had approximately 50 Chinese students, today there are more than 400 there. This brings market changes.
Overall economy in the country has been improving; do you think this can foster Miami local market?
It is a difficult subject because, as Miami market is fuelled by foreign markets wealth, it is hard for local workers to acquire those properties, due to foreign demand drives up property prices. We must be aware of that; we are studying some programs with a creative financing, with an easy form of payments, for buyers who live here could buy a property.
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