Wealthy Chinese Buyers Now Eyeing Miami for Investment Potential
by Sep Niakan | October 28, 2013
For the uber-rich in China, owning one or even two luxury homes in Mainland China is no longer enough. With cash to burn, an increasing number of wealthy Chinese buyers are now turning their attention to the emerging global marketplace of Miami. The local South Florida market is rapidly becoming a go-to choice for the purchase of many Chinese eyeing second or even third home purchases.
More than ever before, the Chinese are looking to invest in Miami. According to the National Association of Realtors, more than $8 billion will be spent on American homes by Chinese buyers this year. Perhaps even more interesting is the fact that approximately 70 percent of those buyers will pay cash for their home purchases.
The Miami Association of Realtors has already established a partnership with China Global United Real Estate Group in an effort to cultivate exposure for the local Miami market. As part of that campaign to attract buyers from China to Miami, the Association will be traveling to China to conduct business meetings and property shows.
Interest in Miami as well as recognition of the city as an international gateway is gradually emerging throughout Asia. Many of the Chinese buyers expressing an interest in purchasing American real estate are real estate tycoons in their own right or wealthy industrialists. During the past 10 years, the gross domestic product in China has grown by exponential rates. This has result in the production of a vast amount of cash for many of China's top business people. The purchase of Miami real estate is now seen as a stable and safe investment.
While many prospective Asian buyers are choosing to purchase vacation homes, others have elected to purchase homes for their kids who are attending school in the United States. With some of the finest colleges and universities in the nation located in the greater Miami area, including the University of Miami, Nova Southeastern University, and Miami-Dade College, options abound. Combined with a vast array of entertainment options sprinkled throughout South Florida, and prospective buyers from the burgeoning Asian market will find plenty to love about Miami.
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