¿Why Miami?
Real estate is one of the most important sectors in Miami's economy. Here are the key
points supporting this conclusion:
- Consistent attraction of investment: Miami-Dade consistently attracts new
domestic and international investment in prime real estate, contributing to its
robust economic growth. The real estate, rental and leasing industry contributed
19% of Southeast Florida’;s gross domestic product in 2022. This is higher than
the national average of 13%. - Strong property appreciation: High demand is driving property appreciation,
supported by Miami’s role as an economic gateway to Latin America and
projected population growth of 10% by 2030. The influx of major corporations
like Microsoft, CI Financial, and Citadel to areas like Brickell is consolidating
Miami’s position as a major financial district, further boosting the real estate
sector. - Economic strength: Southeast Florida economy is projected to grow stronger
by 2025, with employment increasing by 2.4% and healthy inflation levels around
2%. Potential interest rate cuts could further stimulate the real estate market. - Tax benefits: Florida’s favorable tax environment, including no state income tax
and reduced commercial lease sales tax, attracts both individuals and
businesses, driving demand for real estate. The low tax burden along with a
strong economy most likely will continue to incentivize migration of people from
states with high tax burden and housing costs such as New York, San Francisco
and Los Angeles. - Tourism impact: With 26 million visitors in 2023, Miami’s tourism sector
significantly contributes to the demand for short-term rentals and hotel properties.
- Lifestyle and cultural factors: Miami’s growing status as a sports and cultural
hub, hosting events like Formula 1, Art Basel and Ultra, enhances its appeal for
real estate investment. High end Gastronomy and shopping have been Miami’s
staple for decades. Latest addition, Inter Miami is investing in its new soccer
stadium minutes from Downtown, Brickell and the MIA International Airport. - International investor-friendly: The market is open to international investors
with simple requirements. There are a significant number of opportunities in new
construction projects. Downtown and Brickell developments will be changing the
skyline in the next 5 years with opportunities for long term residential units, and a
wide range of flexible ownership and income generation properties. Investors
enjoy the legal and financial stability that this market has to offer along with a
strong currency. Other crucial aspect is the window that some projects offer to
foreign investors to obtain a U.S. green card (permanent residency) by investing
in Real Estate.
These factors collectively demonstrate that real estate plays a crucial role in Miami's
economy, driving growth, attracting investment, and contributing significantly to the
city’s overall economic health and development.
Important: To take advantage of these opportunities, it is imperative to work with an
experienced Real Estate Agent which will educate you about the best market
opportunities, but also assemble the legal and accounting team that will lead to a
successful transaction closing.