0 Cultural Diversity, Miami and Real Estate

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cultural diversity, miami and real estateA recent article by the Miami Herald shows how much cultural diversity in South Florida helps the real estate market here. There are many ways how cultural diversity, Miami and real estate connect. Not only is South Florida including Miami diverse, this diversity is sustainable as well.  36 percent of total real estate sales in South Florida were to foreign buyers in 2015. Of this, 78.9 percent of foreign buyers in 2015 in South Florida bought in Miami-Dade. They spent a total of $4.82 bullion in the county. According to the article, over 51 percent of people living in Miami are foreign born.

“It’s this mix of cultures that positions South Florida, and Miami in particular, as an economic engine inexorably linked to the world economy,” wrote the Miami Herald.

Of the foreign buyers in Miami, 76 percent were from Latin America, 15 percent from Asia or Oceania, 3 percent from Europe, 3 percent from Canada, and other countries making up the final 3 percent. There is a great mix of cultural diversity in South Florida, especially in Miami. Clearly, much of the culture of the city comes from Latin America. This complex demographic composition will add great value to real estate. It is is sustainable and long-term. The city is growing and this increase in human and economic capital helps many aspects of it.
“While it may be boring to some, South Floridians should be excited by the region’s rich and promising demography and our likely place in the future of U.S. economic growth. We represent a diversified base of cultures, ideas and capital that drives not only strong American in-migration to the region, but serves as an international magnet to drive long-term investment and growth,” wrote the Miami Herald.
Cultural diversity is an important part of a city for many reasons. Together, cultural diversity, Miami and real estate here are in a great place. The human and economic capital mentioned before are important. However, different cultures bring new ideas, art, and more to the city. For all of these reasons and more, Miami is an amazing place to live. RE/MAX Paradise has beautiful homes all over the city, so contact us today!

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