This international metropolis at the crossroads between the two Americas is also open to Europe, the Middle East, and Asia.
The booming business sectors include a cargo and cruise port, healthcare, aviation, and new technology, and are accompanied by year-round sunshine. This environment attracts wealthy individuals in search of prestigious events such as yacht shows and contemporary art and design exhibits (such as Art Basel Miami Beach). The equivalent of Art Basel for classic cars has also announced its new international event in the city in 2019.
The most sought-after neighborhoods
Recent areas and those whose rental potential has been proven: Brickell, Edgewater, Downtown, and Miami Beach. Those looking for primary residences and second homes will head to the edge of the bay (villas) and the oceanfront (apartments) across the zone stretching from Sunny Isles to the north to South Point below Miami Beach. Other desirable areas include Venetian Islands, the private and gated communities (La Gorce Island, Bay Point, Sunset Islands), as well as Coconut Grove and Key Biscayne.
The most desirable properties
Those boasting breathtaking, unobstructed views over the bay, the city, the ocean, the beach, or all at once! Buildings with prestigious “brand names” are highly desirable, including 1000 Museum, Porsche Tower, L’Atelier, Surfclub (Richard Meier), and Fendi Château. Penthouses are rare, and therefore appreciated, and many investors also opt for ultra-contemporary villas capable of resisting hurricanes and floods.
Exceptional location (view, neighborhood, living environment), building quality, and bespoke services such as property management, maintenance, and a concierge. With a choice of new developments buyers are increasingly selective, demanding the highest of standards.
Investors looking to diversify their assets are found alongside business people from all over the world, as both groups enjoy the services and facilities in ultra-modern condos and architect-designed houses overlooking the bay. The rental market is also in excellent health, and there is a high demand for vacation rentals between October and February.US buyers, especially New Yorkers who traditionally bought vacation properties are now relocating to Miami with this trend is expected to continue.
Opportunities and perspectives
The redevelopment of Downtown Miami is in full swing, with the Miami World Center, the revival of Flagler Street, a station for the new Miami-Orlando train line, and the completion of iconic buildings such as the 1000 Museum residential high-rise by Zaha Hadid. These are accompanied by other projects underway in the Wynwood and Little Haiti neighborhoods. Miami represents an attractive investment for Europeans with the Euro at record heights of 1.20 USD, not seen since 2014 combined with a buyer’s market. The large inventory of new developments on the market means there are many opportunities for investors to earn value for their dollar.
What will 1 million dollars buy?
A renovated three-bedroom house spanning 2 691 sq ft in Coconut Grove. An apartment of around 1 292 sq ft in Miami Beach, featuring two bedrooms with ocean or bay views in a luxury condo.