In recent years, investments in Miami real estate have been on a steady increase, and with good reason. The first thing that often comes to mind when you think of this city is glitzy South Beach, full of beautiful beaches, teeming with nightlife, fine dining and gorgeous people, and popular spots like Ocean Drive and Lincoln Road.
But, it is turning into so much more than that. In the last several years, there have been 23,000 new condos built downtown; there has been lots of development north of South Beach. The area is becoming increasingly gentrified, making it more appealing as a permanent residence or great spot for a vacation home. The downtown area is thriving. What was once primarily an employment district is becoming a vibrant area full of all that you would expect in such a place. This development of the downtown area is helping Miami quickly becoming a world-class city, something the state of Florida had been lacking up until this point.
A Leading ‘City of the Future’
Foreign Direct Investment, a division of the Financial Times, ranked Miami number 9 in a list of American cities of the future. Some of its strongest points were business friendliness, infrastructure and the foreign direct investment strategy. Foreign investors in particular are coming to Miami in droves, with a host of opportunities available. If you are a foreign investor interested in hopping on the bandwagon, it is very important you talk with Miami real estate lawyers experienced in handling investments of this nature.
A True International Destination
While there are many tourist spots in the United States popular with international visitors, Miami holds the top spot, with a whopping 45 percent of its tourists coming from abroad. According to 2010 statistics, the top five countries include Canada, Brazil, Argentina, Columbia and Germany. South Americans make up 66 percent of tourists from abroad, while Europeans make up 25 percent. It is still a top spot with Americans as well, with the most people coming from New York, Philly, Chicago, Boston and Atlanta.
Size and Diversity of Industry
With more than 5.5 million people, it is ranked seventh among the most populated centers of the US. In terms of purchasing power, it is one of the richest cities in the world, and is 11th for GDP in the country. While tourism is certainly its bread and butter, it is also a major center for commerce, finance, arts, international trade, entertainment, culture and media. It has more foreign banks than any other city, the most important TV production center for Spanish-language media, a major player in the music recording industry and a major US port, among other benefits.
Development Beyond South Beach
The development beyond South Beach has made it possible for more people to buy property beyond South Beach, where demand drives high prices, and exclusivity. Lots of great ocean-front properties are popping up. This development also includes hotels, restaurants and other amenities that increase tourist appeal.