According to an article by the Wall Street Journal, Miami condo developers and real estate professionals have their sights set on gaining more Chinese buyers in the area. While South American buyers from Brazil, Argentina, and Venezuela created quite the real estate frenzy in Miami, they are now slowing, and Miami real estate agents are moving their sights to a whole new part of the world.
Representatives for some Miami condo buildings recently made appearances at the Beijing Luxury Property Show, which more than 5,200 Chinese attended. aSles agents for the Fendi Chateau Residences, a luxury development going up near Florida’s Bal Harbour, handed out brochures, and a representative from Palazzo del Sol and Pallaza della Luna was also in attendance.
Executives of the Miami Association of Realtors made the trip to Beijing as well, where they handed out Miami market data and gold palm-tree pins attached to a card with the tagline, written in Chinese, “Enjoy the unique taste of life”, according to the Wall Street Journal article.
Simon Henry, co-founder of Juwai.com, a China-based website that connects wealthy Chinese with overseas properties, says that, “Miami looks relatively cheap compared with some of the big cities like San Francisco and New York.”
Only 2% of international buyers are currently from China in Miami, however several factors imply that this will soon turn around. First, the Chinese yuan and
MIami real estate agents hoping to draw in buyers from China
Chinese investment policies are changing. Also, Chinese have surpassed Canadians as the top international buyers across the US. With Miami having some of the most sought after real estate in the country, it is only a matter of time before this trend continues into South Florida. More developed flight routes with direct flights from China to Miami will also help encourage Chinese to invest in the area.
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