The MIAMI Association of REALTORS® (MIAMI) promoted South Florida real estate at the world’s largest property show, MIPIM, on March 14-17, in Cannes, France as part of the National Association of REALTORS® (NAR) expanded U.S. pavilion. MIAMI has exhibited with NAR at MIPIM for three consecutive years to increase awareness of U.S. markets.
MIAMI leaders touted Miami’s rise as a world-class global city and worked to attract more commercial and residential investment for South Florida.
“Real estate is an integral part of South Florida’s economy and it’s important to showcase Miami’s evolution as a top world-class city on this global stage,” said Christopher Zoller, a Coral Gables Realtor and 2017 MIAMI Chairman of the Board. “Investors want to build and develop properties in Miami because we’re growing, boast an incredible lifestyle and abound with economic opportunities.”
NAR hosts a U.S. pavilion to increase awareness of U.S. markets with commercial and luxury development potential. In addition to Miami, U.S. markets featured at the MIPIM U.S. pavilion include the states of Florida, Illinois, Missouri, Nevada, Rhode Island and Washington and the metro areas of San Diego, Scottsdale, Las Vegas, Reno and New York.
Five MIAMI leaders and three MIAMI executives represented MIAMI at the MIPIM exhibit. Participating MIAMI leaders are: Zoller of EWM Realty International; 2017 Chairman of the Board-Elect George C. Jalil of First Service Realty, Real Living; 2017 Commercial President José María “Chepe” Serrano of New Miami Realty Corp.; 2017 Commercial President-Elect Brian Sharpe of Sharpe Properties Group; and 2017 Residential President Christina Pappas of The Keyes Company.
MIAMI Chief Executive Officer Teresa King Kinney, MIAMI Senior Vice President of Public Relations & International Lynda Fernandez and MIAMI Vice President of Government Affairs and City of Doral Councilwoman Ana Maria Rodriguez participated.
MIAMI Highlighted Robust South Florida Real Estate Market
South Florida is one of the world’s top destinations for international investment. Foreign buyers purchased $6.2 billion of South Florida residential properties in 2016, up from $6.1 billion a year ago, according to the 2016 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) conducted by MIAMI and NAR.
More than half of all international home sales in the entire state of Florida (52 percent) happen in Miami-Fort Lauderdale-West Palm Beach, according to NAR’s 2016 Profile International Residential Real Estate Activity in Florida.
In 2016, the U.S. was ranked No. 1 for safe and secure investments and as the best opportunity for capital appreciation by members of the Association of Foreign Investors in Real Estate.
MIAMI leaders and executives exhibited at the U.S. pavilion with the goal to bring more investors to South Florida to invest in office buildings, residential developments and retail.
“Commercial real estate investment does so much for the South Florida economy,” Serrano said. “More commercial investment means more taxes for local cities, more jobs for local residents and ultimately more city expenditures to improve roads, highways and schools.”
90 Countries Represented at MIPIM
About 23,000 leading real estate executives from 90 countries traveled to Cannes for the four-day annual gathering. About 2,400 investors will participate.
The event brings together investors, developers, architects, hotel groups, public authorities, city mayors and property associations from around the world. Of the roughly 23,000 attendees, only about 500 will be from the U.S.
Top Countries Investing in South Florida
The countries of origin for consumers purchasing properties in Miami-Dade, Broward, Palm Beach and Martin counties are:
1. Venezuela (15 percent of South Florida foreign purchases)
2. Argentina (11 percent)
3. Brazil and Colombia (10 percent each)
4. Canada (6 percent)
5. Mexico, France & Peru (4 percent each)
The top tier countries of origin — Venezuela, Argentina, Brazil, Colombia, Canada, Mexico, France and Peru — account for 64 percent of total South Florida international closed sales.
By dollar volume, Venezuela, Brazil, Argentina, Canada and Colombia accounted for nearly half of the $6.2 billion of South Florida international home sales in 2016. Venezuelan and Brazilian buyers topped the list with $868 million and $861 million in sales volume, respectively.
The top tier of countries continues with each at 3 percent of international sales:
● Dominican Republic
● United Kingdom
Next tier countries of origin are: Spain, Germany, Australia, Honduras, South Korea, Russia, India, Costa Rica, Japan, Malaysia, Chile, Panama, Nicaragua and Portugal.
Top Countries by County
The top countries of origin for consumers purchasing properties in Miami-Dade are:
1. Venezuela (17 percent)
2. Brazil (15 percent)
3. Argentina (14 percent
4. Colombia (8 percent)
5. Italy, Mexico & Canada (4 percent each)
Other top countries include Canada, France, China, the Dominican Republic and Peru.
The top countries of origin for consumers buying real estate in Broward County are:
1. Venezuela (18 percent)
2. Colombia (17 percent)
3. Canada (13 percent)
4. Argentina (12 percent)
5. Brazil (10 percent)
The top countries of origin for consumers buying real estate in Palm Beach County are:
1. Canada (30 percent)
2. Venezuela (9 percent)
3. Brazil, Germany & Italy (7 percent each)
4. Argentina, Colombia, Ireland & Russia (4 percent each)
The top countries of origin for consumers buying real estate in Martin County are:
1. Canada (21 percent)
2. Australia & Brazil (13 percent)
3. Germany & Venezuela (8 percent each)