Miami is undoubtedly an “it” city in America today. First Cubans and Latin Americans, then Russians, and now Middle Easterners are eyeing the tropical city as a place for some serious real estate investment.
Every month, the Miami Association of Realtors announces the top 10 foreign countries that use its website to search for Miami real estate. This list typically features the usual Miami suspects, like Colombia, Canada, Brazil, Argentina, and France as searchers. However, the 2017 report featured a newer, more unlikely group of buyers hailing from the Middle East. Newcomer Turkey, ranking at number seven on the list, indicates that there could be a significant shift in the “likely” buyers for the region as we move forward.
Miami is a city known for attracting foreign buyers. It’s common sight to see Latin American and European faces around its streets today. But, as a representative from the Miami Association of Realtors stated this past week, it’s the first time he has ever seen a Middle Eastern country included in the report’s top 10. The diversification of the real estate interest in the city indicates that Miami’s rising profile among wealthy and sophisticated real estate buyers continues to increase.
Also included in the report was the information stating that Turkey showed interested in both residential and commercial investment. In the data compiled in 2016, CBRE Capital Markets reported that commercial investment in Miami from the Middle East totaled $517 million between January and June 2016 alone, making it the 10th most popular market for Middle Eastern investment during that time period. It was the 5th most popular for Middle Eastern American investment.
Experts attribute Miami’s appeal to Middle Easterners as a city that is slightly more affordable than their normal respites in London and New York. As turmoil in the Middle East continues to bubble, families are looking for reliable cities where they can safely relocate their families.