Miami’s striking blue water, luxurious architecture, and vibrant community have caught for decades now the eyes of international investors. The Miami real estate market has had a history of attracting a diverse pool of international buyers. With South America straight at the top, Miami has had a history of various types of buyers and investors. Countries such as Brazil, Venezuela, Argentina, and the UK have been friendly to the market. A new player is now stepping into the South Florida market. Trends indicate that the French stand now amongst the growing buyers of the market. The expansion of French buyers is most definitely positive and exciting or Miami sellers and realtors.
A welcoming bonjour to all French investors in Miami
As of April of 2013, France was the country which most searched for Miami real estate on Miamire.com, the Miami Association of Realtors Web site (right after the US, in the first place). This could have its origin in the extreme taxes France imposes on the wealthy.
Most significantly, the strengthening of the real estate market in most cases has been a consequence of the international efforts between cities and countries, which leads in return in economic expansion and increasing demand for real estate. Because of this outreach, Miami has become a more attractive investment for the French, who are ranking above all other European countries. Already since 2012, French buyers have been active in the New York City market. Now they are looking a little south.
Perhaps it also has to do with the fact that ever since 2005, the City of Miami has been present at every Paris expo, and has also signed an agreement with the real estate association in Paris, FNAIM. In addition, Miami has participated at the Salon National de l’Immobilier conference and has also made efforts to associate to Haute-Garonne and the French Riviera.
Real Estate Growth due to Foreign Investors Seeking New Markets Abroad
Similar to the Canadian investors, the French buying in Miami are interested in out beautiful weather, sunshine, convenient air traffic, and frequent flights, and the strong rental market in Miami. The absence of state income tax is not a minor detail. For those French investors escaping high taxes in their native country, the opportunity to invest in Miami seems ever more appealing (the relatively new 75% income tax on the rich has not been a hit as we know).
Most international buyers in Miami real estate are cash buyers. The French buying in the South Florida market belong to this group of buyers who bypass the lending options and do all cash deals.
Another surprise has been Belgium, which for the first time has appeared within the top 20 countries searching on Miamire.com. Even beyond France and Belgium, it seems to b the case that the real estate market in Miami is diversifying and establishing itself as a prominently international pool. More so than other cities in the US, Miami is positioning as an open and inclusive community, with a wide range of investments for both residents and those who wish to benefit from the great rental possibilities.
In the meanwhile, Brazil and Argentina, who were some of the strongest international buyers in real estate in Miami, have slowed down whereas Venezuela and Colombia have gained significant force once again.