Research, management and consulting firm Bendixen & Amandi International along with the Miami Herald polled Miami real estate professionals. These interviews give some truth and professional insight about what is going on in with the market in Miami-Dade. They discussed foreign influence, the luxury market and more to find out the Miami real estate inside scoop.
With many foreign economies on the fritz, it made sense that the real estate pros interviewed are noticing less foreign property buyers. Last year, more than half of respondents said that foreign buyers dominated purchases in the market. For 2016, only 33% responded that foreign buyers dominated the market.
“The weakened purchasing power of foreign economies has directly affected the residential real-estate market in Dade,” said one industry professional.
However, other respondents and many people agree that the foreign buyers are still prominent. While there may be less, there are still a lot of foreigners coming to buy real estate in Miami. Miami continues to be an international city in many ways.
“We have the beaches, the lifestyle, shopping, events, arts, culture and proximity to the islands, as well as South America. We have direct flights to nearly every major city in the world,” said Realtor Jill Hertzberg.
Another topic the poll covered was climate change. This year, 65 percent of respondents said they were worried about how climate change and rising sea levels will affect the market. This was a 9 percent increase from last year. However, resources are being used to assuage these issues.
“Most consumers are comforted by the fact that there is a great deal of awareness of the situation and therefore a great deal of resources are being put into place to find solutions,” Hertzberg wrote in an email. “Right here in Miami Beach, buyers see evidence of all the projects that are in progress to address potential flooding and other sea-level-rise issues.”