FOREIGN BILLIONAIRES TRAVEL TO THE NEW GLOBAL CITY FOR MIAMI BEACH LUXURY HOMES

With a storied history of transformation that has led to Miami being ranked among the most glamorous and desirable locations to live and vacation, along with the likes of New York and L.A., the city is holding true to its international roots as the place Where Worlds Meet.
With a storied history of transformation that has led to Miami being ranked among the most glamorous and desirable locations to live and vacation, along with the likes of New York and L.A., the city is holding true to its international roots as the place Where Worlds Meet.
As we continue to weather the economic downturn domestically, foreign billionaires are traveling to the US seeking their latest residential indulgence. A recent article in the Wall Street Journal documented this growing trend, from London to Miami- “According to the Miami Association of Realtors, nearly 60% of all sales last year throughout the city were to buyers from foreign countries.” In the past few months, Yuri Milner, a Russian billionaire, shelled out $100 million for a French chateau-style mansion in Silicon Valley, the highest price ever paid for a single-family home in the United States. The worlds most affluent new buyers are coming from all across the globe from Russia, to Brazil, to Venezuela, many of them are flocking to South Florida seeking year-round sun and some of the most beautiful beaches on the planet.

In Miami, “nearly 60% of all sales last year were to buyers from overseas, according to the Miami Association of Realtors,” stated the article. The group also said that sales of newly-built condos in the downtown area have jumped to 90%. Brazilians are largely responsible for this, as their home country experienced an economic growth rate of 7.5% in 2010. Also, Brazil’s currency, the real, has risen about 40% against the U.S. dollar in the last two years, an impressive feat that has enabled wealthier citizens to invest in South Florida.

This increase in foreign investment is beginning to lend a much needed helping hand to Miami’s economy. Fortune International, a property development and marketing firm, is now seeking to encourage American Airlines to add new flights from Brazil to Miami, a suggestion that spurred the airline company to begin working on the change.

Whether foreign or domestic, buyers of luxury homes in Miami help to stimulate the local economy and further reclaim and retain the opulence for which the city is known. SoBe Luxury Homes have assisted countless foreign and domestic buyers in securing prime pieces of Miami real estate for years. Christian Kawas and Ivan Hernandez have provided first-class service to all clients for years, whether they sought a small apartment or palatial home. Contact us today to find the home of your dreams by calling 305.608.6681 .