The Chinese share of the South Florida real estate market is expected to grow as Chinese investment in U.S. real estate is expected to reach $50 billion by 2025. Wealthy Chinese buyers are the top foreign buyers in the U.S. real estate market after spending over $27 billion over th past four years. Despite this, Chinese buyers represent only 2% of foreign home sales in Miami, trailing countries such as Brazil and Colombia. Miami is an attractive market for the Chinese as it is much more affordable than New York and San Francisco. They are also drawn by the stable and rising rental income in addition to the appreciation potential. Local brokers are already reporting an uptick in interest from Chinese buyers as both ISG and Cervera Real Estate have signed partnerships with Homelink International, which is one of the largest brokerages in China. Both CMC Group and OneWorld Properties have been marketing their Brickell Flatiron and Paramount Projects to Chinese buyers respectively. Additionally there has been a major push from the Great Miami Chamber of Commerce's Asia Task Force to approve nonstop flights between Miami and China. With the major push towards bringing Chinese real estate investors underway, look for an uptick in Chinese investment in South Florida to continue to grow and help pick up the slack left behind in the wake of unstable South American governments. Learn how Miami developers and agents are looking to China to boost sales from our September report.
Homelink International brokers tour Miami with Cervera Real Estate | Photo via Cervera Real Estate