The Miami real estate market is currently in somewhat of an upturn but there is definitely room for growth. It is possible for this is to be achieved if the Miami community can improve collectively by making the city more business friendly and growing the employment base. This would serve as the foundation to sustain Miami’s growth and continue to propel the Miami real estate market forward in a positive direction. A lot of people who are buying Miami real estate are wealthy overseas citizens who want to displace and invest their money out of their home country into property in the U.S to see a return on their investment.
There is a lot of room for Miami to grow and is apparent when compared to other large cities such as New York and Los Angeles which are well developed and established. Miami is a definitely a hot spot for small businesses and entrepreneurs, and gets its attractiveness from having zero income tax. It is easy for entrepreneurs to gain traction and become successful in Miami, offering the possibility to make an immediate impact.
But in order to attract more buyers from the US, and grow that portion compared to those who want to solely invest and collect rental income, you need to make the real estate more attractive. The US buyers interested in Miami real estate are very sophisticated and are interested in the design of the property being unique. The way to get this to happen is to have a well-known famous architect construct and design the building or home in order for it to have that differentiated appeal. Having an innovative work of art of an estate will attract a larger domestic crowd.
The continuance of new construction in Miami within these parameters will make it more attractive for domestic buyers to relocate to Miami and establish their businesses which will help grow the economy. Especially with rising interest rates and developers demanding a larger deposit, sometimes up to 50-60%, it will deter foreign investors since it is difficult for them to get their money out of their country. Right now Miami is being fueled by these overseas investors trying to turn a profit on their investment which can cause the market to plateau and not see higher growth. With the boom of new and unique construction currently being developed in Miami, it should help the market grow in the future.
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