South Florida international home sales increased year over year in 2016, according to findings from the 2016 MIAMI Association of REALTORS® (MIAMI) Profile of International Home Buyers survey announced at the recent 22nd annual MIAMI International Real Estate Congress.
South Florida international home sales accounted for $6.2 billion in dollar value in 2016, up from $6.1 billion from the previous year. The complete survey, prepared annually for MIAMI by the research division of the National Association of REALTORS® (NAR), was released by MIAMI on Jan. 19.
“South Florida remains the top region in the nation for international real estate, and our annual International Real Estate Congress gathered many of our foreign delegates for an unforgettable week of learning and collaboration,” said Teresa King Kinney, MIAMI’s chief executive officer.
80 Foreign Delegates Participated at MIAMI Congress
Eighty foreign delegates from 13 countries and hundreds of Realtors® from the U.S. collaborated, networked and learned at the MIAMI Congress.
Delegates from Austria, Brazil, Israel, Spain, UAE/Dubai and Greece provided market presentations on their respective countries on the first day of the Congress on Oct. 30.
Attendees enjoyed nightly gala receptions and participated in marketing sessions to capitalize on the presence of MIAMI’s esteemed partners. MIAMI has official partnerships with 160 international organizations worldwide.
After the Miami Congress’ conclusion in Coral Gables, MIAMI delegates and real estate professionals traveled to the Trump National Golf Club in Jupiter on Nov. 2 for an international luncheon and information session. The event highlighted Palm Beach economic growth and statistics while also discussing Palm Beach’s impact in the global real estate marketplace.
MIAMI provided delegates tours of Palm Beach locations such as the historic Breakers Palm Beach hotel and CityPlace, the upscale lifestyle center in downtown West Palm Beach. Dozens of Miami Congress delegates then made the 2.5-hour drive with MIAMI from Jupiter to the 2016 NAR REALTORS® Conference and Expo on Nov. 4-7 in Orlando.
Visit MiamiCongress.com for PDFs of all the presentations at the 2016 MIAMI Congress. The direct link for MIAMI Congress videos is
2016 MIAMI Congress photos are at:
The 2017 MIAMI International Real Estate Congress will be held Oct. 29-31, 2017. To register, visit: http://www.miamicongress.com Join more than 300 real estate professionals in Miami and then fly non-stop to Chicago for the 2017 NAR Conference & Expo on Nov. 2-6, 2017.
Miami: A 24-Hour City on the Rise
NAR Chief Economist Lawrence Yun’s keynote address at MIAMI Congress detailed Miami’s growth as a 24-hour, global city. South Florida is setting new highs for job creation as it remains one of America’s top place for international real estate purchases, Yun said.
Miami’s strong real estate market can be attributed to its growth as a 24-hour city. Miami is one of just seven 24-hour cities in the United States, Yun said. Boston, Chicago, Las Vegas, New York, San Francisco and Washington, D.C. are the others. 24-hour cities create more jobs, revitalize public space, promote citizen security, foster tourism and offer a sense of belonging to residents.
“24-hour cities perform better consistently in all economic real estate data points” Lawrence Yun
Markets to Target
Colombia, China, Eastern Europe, Canada and Chile are the top markets to target in South Florida, Yun said the Miami Congress.
Chinese investment in South Florida has increased in recent years, and was a top subject at the 2016 MIAMI International Real Estate Congress. For the first time, China ranks among the top-10 foreign countries purchasing South Florida real estate. Chinese investors purchased 3 percent of all South Florida international real estate sales in 2016, which ranks the country ninth.
Jesse Ottley, president of the development division of the Cervera Real Estate and the AREAA President-Elect, and Craig Studnicky, co-founder and principal of ISG World, led a Congress panel discussion on China.
Chinese students are the fastest-growing demographic at the University of Miami and that statistic should only increase now that UM is the top ranked university in Florida, according to the 2017 rankings from U.S. News & World Report. Miami’s Florida International University, which has a campus in China, has two times as many Chinese students (2,000) as Miami.
China loves Miami’s top schools, infrastructure, modern and cutting-edge condominiums, PortMiami expansions and the city’s status as the Capital of Latin America. Those same positives are why Miami is attracting homebuyers from an increasingly diversified array of countries. The Middle East, India and Turkey have joined longtime Miami investment from South America.
“One of our realities is we have gone from being this fun, beach town to all of a sudden being a global city that offers great venues for art, entertainment, culture and education,” said Alicia Cervera Lamadrid, the managing partner and principal at Cervera Real Estate. “That speaks to people at a different level. Before, people were thinking let me grab my bathing suit and go to Miami for a week. Now, they are thinking let me grab my family and relocate.”