The Magic City is a leading destination in the United States to buy real estate. According to Miami Association of Realtors (Cordle, 2020), residential sales in Miami-Dade increased 21% between 2019 and 2020. This growth trend is projected to continue through 2021. These are the best areas of Miami for foreign investors.
Miami as an investment destination
Today Miami’s population is the second largest in Florida with about 468,000 inhabitants, according to 2019 figures from the United States Census Bureau. Of these, 58% were born abroad. Thus, living in Miami means living immersed in diversity.
According to the U.S. Bureau of Labor Statistics (2020), employment in Miami today is mostly concentrated in:
- Commerce, transport and public services.
- Professional and business services.
- Educational and health services.
On the other hand, Miami-Dade’s public education system is the fourth largest in the United States. Specifically, the city has more than 200 public and 570 private schools. U.S. News & World Report (2020) ranks 15 Miami high schools among the top 200 in the country. Likewise, there are 17 universities in Miami with diverse approaches.
Additionally, Florida’s tax landscape makes Miami especially attractive to investors. The 2017 federal tax review made states with lower income tax percentages eye-catching places to live and invest (Kallergis, 2019).
Florida, which does not tax the personal income of its inhabitants, is also located in a privileged place in the state classification of property taxes between 2014 and 2021: number 14 (Walczak and Cammenga, 2020).
Luxury areas of Miami
The luxury residential market is one of the most prosperous in the city. Miami Association of Realtors states that home sales grew 120% and condo sales 88% between 2019 and 2020 (Cordle, 2020). The Real Deal assures that this upward behavior is evident since 2017.
Miami Beach
This prestigious sector has numerous luxury gated communities. It has several examples of renowned Art Deco architecture. Likewise, restaurants, shopping places and entertainment establishments abound.
Bal Harbour
Recognized for its exclusivity and privacy among the neighborhoods of Miami. It has local services and high-level schools.
Family-friendly areas of Miami
These are the leading locations to invest in family units in the city:
Coral Gables
It is one of the best performing areas of Miami as a real estate market. It has an excellent offer of schools, parks and local restaurants. It also has numerous beachfront properties.
Coconut Grove
This is a quiet neighborhood with good safety ratings. Like Coral Gables, it is very family-oriented.
Pinecrest
An equally familiar option, but more affordable. Enjoy several prestigious schools and multiple parks. It is characterized by properties in large lots.
Urban areas of Miami
Urban and professional life predominates in these areas of Miami. The large number of properties for sale available in them stimulates striking acquisition negotiations for foreign investors.
Downtown
It is the commercial, financial and cultural center of South Florida. It has all the necessary services for families or individuals: educational centers, banks, shops, theaters, government establishments, etc.
Brickell
With its vibrant entertainment offering and a growing financial industry, it is considered Miami’s Wall Street. In recent years, it has been an investment destination for Latinos. According to Forbes, by 2015 two-thirds of residential demand in the area came from South America.
Wynwood
It is emerging as one of the best areas of Miami for young professionals, especially in the technology industry. His real estate developments concentrate on shared housing and collaborative work spaces. Likewise, its fashion and art districts are one of its biggest attractions.
Other areas of Miami to invest in
- Adventure, for its wide range of commerce and public spaces. It has luxurious residential buildings and beaches nearby.
- Sunny Isles, for its multicultural and family-friendly coastal community atmosphere. Known as the Florida Riviera.
- Edgewater, for its diversity of real estate and proximity to the financial district. It has from historical constructions, to medium and large-scale buildings.
Miami is a prominent and promising city for foreign investors, thanks to the stability of its real estate market and its standard of living.
References
Beyer, S. (2015). Welcome To Brickell, Miami’s “Wall Street South”. Forbes. Retrieved from https://www.forbes.com/sites/scottbeyer/2015/05/07/welcome-to-brickell-miamis-wall-street-south/?sh=5266167531f3
Cordle, I. (2020). South Florida home sales soar in November, led by luxury properties. The Real Deal. Retrieved from https://therealdeal.com/miami/2020/12/22/south-florida-home-sales-soar-in-november-led-by-luxury-properties/
David Siddons Group. (n.d.). What are Miami’s Best Neighborhoods to Live in 2020? [Mensaje de blog] Retrieved from https://luxlifemiamiblog.com/what-are-miamis-best-neighborhoods-to-live-in-2019/
Kallergis, K. (2019). It’s the SALT tax, stupid: Here’s why luxury home sales have surged. The Real Deal. Retrieved from https://therealdeal.com/miami/2019/05/02/its-the-salt-tax-stupid-heres-why-luxury-home-sales-have-surged/
Mello, R. (2020). Miami’s Best Neighborhoods to Live or Invest. [Mensaje de Blog] Manhattan Miami. Retrieved from https://www.manhattanmiami.com/blog/miami/miami-best-neighborhoods-to-live-or-invest
United States Census Bureau. (2019). QuickFacts. Miami city, Florida; Miami-Dade County, Florida. Retrieved from https://www.census.gov/quickfacts/fact/table/miamicityflorida,miamidadecountyflorida/PST045219