Miami's cultural diversity contributes to its real estate development
Miami-Dade: 51 % of the population is of international culture
The analysis of cultural influence on purchasing habits is essential to understand and adapt to a market. Miami is a perfect example: with more than one in two people in Miami-Dade of foreign origin, it is a mix of many cultures that form a heterogeneous market with diverse expectations. This diversity places South Florida, and more particularly Miami, as an economic player with a strong presence in international markets.
The door of Latin America
Given its geographical position, Miami has logically become over the years a necessary passage between Latin America and the United States. Many investors from this region invest in Miami, live there for part of the year, have head offices there. They represent 76% buyers in Miami-Dade and 63% buyers in Broward. They are attracted by the favorable economic prospects for investment, stability, security, geographical proximity without forgetting the climate, the atmosphere and the fashion and jet set side.
However, other parts of the world are also represented, and are investing larger amounts. It is less well known that the five largest investments last year were made by investors from Spain, China, Canada, Norway and the United Kingdom. Asians, Europeans and Canadians invest in the region, but in a different way. Asians are attracted mainly by Palm Beach, Europeans and Canadians alike, but they are also interested in Broward. Miami-Dade is favored by the South Americans.
With these particular market conditions, local real estate players have adapted. Communication tools and polyglot and multicultural agents, everything is done to attract foreign investors and support them in their real estate investment. At Barnes International Realty, we have seen that each transaction is conducted with multinational contacts: it is not uncommon to have at least four different nationalities and cultures around a negotiating table. Our teams are themselves multicultural, it allows to better navigate in this environment and to be comfortable whatever the context to ensure the success of the transaction.
A sustainable evolution for the local real estate market
This diversity of population, in addition to being a force in terms of demography with the decline of births in many US cities, is also a strong factor of attractiveness of the market at the global level. Miami has become an international magnet attracting investors and thus encouraging growth over the long term.
Despite the voices of experts announcing in 2009 that the 19,000 apartments available on the market would take decades to be absorbed by the market, this number has finally been reduced by more than 11,000 in four years. Today, the market intends to stabilize and seek to become sustainable thanks to this international attractiveness.
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