A New Profit Center
It is no secret that China is the second largest economy in the world, but what many in South Florida are finding out is that they are using their resources to purchase property in the area. For many years realtors have been dreaming of tapping into this almost endless resource. Finally, it seems to be becoming a reality.
Recently, large real estate brokerage firms have put together large groups of high-end Chinese investors to tour the South Florida real estate market. Whether it is the unique architecture or the tropical climate, these investors were showing tremendous interest and sales followed.
The Miami-Dade Chamber of Commerce launched an Asia task force with the sole purpose of shrinking the distance between China and Miami-Dade. The success of this initiative rests heavily on going overseas and putting together these “tours” to stir up demand.
China purchased more real estate in the US than any other country between April 2015 and March 2016. Unfortunately, Miami-Dade only saw 2% of its business coming from China. Although, 2016 has seen Chinese investors spending hold steady.
Many look to the expansion of the Panama Canal and increased shipping to the South Florida ports as a reason the demand has been firm. At the same time, there have been some increase investments in local businesses and commercial real estate being financed from China. Coincidence? Maybe not.
Either way, the South Florida marketplace is hoping the trend continues and the flow of the lucrative Chinese real estate buyers climbs higher each year.