Asian Buyers Eye Miami Property

Property Report

As South Florida transitions into a major trading centre, growing numbers of Asian investors are looking towards the Miami market.

Asian buyers, especially from China and Japan, have been increasingly purchasing residential real estate in top international destinations, such as New York, California, Hawaii and the UK, according to a report in Miami Today. Other favoured locations include Spain, the Middle East, Australia and Japan.

There are very few direct flights from Asia to Miami, which makes it difficult for Asian investors to travel and do business there.

Although there’s currently a limited number of direct flights from Asia to Miami, the on-going construction of Port Miami and the expansion of the Panama Canal looks set to fuel business transactions in the region and subsequently boost Asian investment, according to Craig Studnicky, principal at International Sales Group.

Another factor behind investor’s growing appetite for South Florida properties is the relatively low selling price. A Midtown property sells for USD323 per sqm, while a one-bedroom unit in Midblock sells for USD403 per sqm.

“Why they are starting to look into the Miami area is very simple,” Fernando de Nuñez, vice president of the International Division for Fortune International, told Miami Today. “California prices, Hawaii prices and New York prices… are way more expensive than the Miami market.”

When purchasing real estate overseas, Asian buyers consider the value of the property, their established relationships with brokers, and the ease of travel. Many investors are also buying multiple units because they plan to send their children to study in the US and to lease the remaining properties, Miami Today reported on Tuesday.

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