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China an Emerging Market for South Florida Real Estate

by | Apr 11, 2015
China is one of the fastest growing segments of South Florida foreign buyers, according to a recent National Association of Realtors (NAR) study conducted for the...

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Christopher Zoller
2015 Residential President
MIAMI Association of Realtors®

China is one of the fastest growing segments of South Florida foreign buyers, according to a recent National Association of Realtors (NAR) study conducted for the MIAMIAssociation of REALTORS® (MIAMI). Chinese buyer interest in Miami properties is growing as a result of increased access to credit and the desire for secure investments, as well as South Florida's growing visibility in the Chinese market.

China Buying More South Florida Properties
Chinese buyers represented 2 percent of all international closed sales in Miami-Dade and Broward Counties in 2014, according to the MIAMI report. That's a 50 percent increase from 2012 and 2011 when China comprised 1 percent of transactions.

Miami's fast-developing downtown, sunny weather, clean air, and world-class beaches are leading more Chinese investors to buy local properties. One of the most noticeable examples of China's growing interest in South Florida real estate is China Communications Construction Company's recent purchase of a 2.4-acre Brickell site for $74.7 million. It marked the Chinese firm's first major Miami purchase.

Miami is in position to increase Chinese investments with the recent improvements at PortMiami. The top-ranked container cargo port in Florida is deepening its channel from its current 42-foot depth to 50-52. When the dredge project is completed, PortMiami will be the only U.S. port south of Norfolk, Va. that can accommodate the new, mega cargo vessels that will pass through the expanded Panama Canal. PortMiami wants to become a transshipment hub for East Asian manufactured goods.

MIAMI, the nation's largest local Realtor association, is also continuing its efforts to market South Florida to Chinese buyers. MIAMI will be promoting local properties at China's leading luxury property show, LPS Beijing, from April 24-26. About 5,000 Chinese luxury property buyers will be in attendance.

Chinese Buying More American Real Estate than Any Other Foreign Buyers
Chinese buyers purchased a staggering $22 billion worth of U.S. properties over the 12 months ending in March 2014 --- 72 percent more than the year before and more than any other group of foreign buyers, according to a recent NAR survey.

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Lynda Fernandez,
SVP of Public Relations
lynda@miamire.com 
(305) 468-7040

Teresa King Kinney
Chief Executive Officer
tkinney@miamire.com 
(305) 468-7000

Chris Umpierre
Director of Communications
chris@miamire.com
(305) 468-7047


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