When Miami is mentioned by people or in the media, it usually conjures up images of South Beach and not so much real estate developments and projects. However, that perception is starting to change. In the past decade, downtown Miami has become an increasingly popular destination both for tourism and for investment. It has also become a popular place for people to purchase or maintain permanent residences, or even a second or third home. With that in mind, here are some reasons why you should consider investing in Miami real estate.
Miami is Innovative
The fDi Intelligence (Foreign Direct Investment) has ranked Miami as the #9 city for future and innovation, and has ranked it as one of the top cities for innovation. The fDi Intelligence is a division of the Financial Times that gives out these objective rankings, and has recognized Miami as #2 in Business Friendliness, #3 in Foreign Direct Investment Strategy and #10 in Infrastructure. This has shown that Miami is a great place to get involved in real estate investing
Miami is International
There is perhaps no city in the United States that can boast the same amount of international tourism as Miami. In fact, almost half of the visitors to Miami are from abroad, and primarily come from Canada, Brazil, Argentina, Columbia, Venezuela and Germany. It is estimated that up to 66% of visitors are from South America. This has allowed for many new real estate opportunities in the area, especially those geared at international tourism.
Miami has Diverse Industry
Overall, Miami is one of the top populated cities in the US, and according to UBS financial rankings, it’s also the 5th richest city in the US when it comes to purchasing power and the 11th in the US when it comes to GDP. While tourism is still a very popular industry in Miami, it also has major institutions for finance, commerce, culture, entertainment, media, international trade and the arts, with a large conglomeration of foreign and international banks. Much of its industry is also aimed at the Hispanic community as it headquarters over 1,500 Hispanic-American headquarters of multinational corporations.
As a real estate investor, all of these factors can contribute to great opportunities for investment and integration into the culture of both South Beach and Downtown Miami. Be on the lookout for this burgeoning city as it continues to climb the ranks and be a hot spot for innovation, tourism, industry and real estate