This past week was Miami’s Art Basel. It is not only the world’s largest contemporary art show; it is a pinnacle of Miami culture. It’s one of the events that have positioned Miami an international, cosmopolitan city. Now in it’s 14th year, the event’s influence goes beyond designers and art collectors. It has grown to have influence on the real estate market as well.
The week long events help build the city as a top international destination. “The more culture our city has, the more commercial and luxury property investors will be drawn to the area” says Keith Darby, Rise Realty President. Markets with culture are more desirable for both commercial and residential real estate interests. When demand increases, it can influence higher prices in the area.
Art Basel attendees may come to Miami to buy art, but once here, they become interested in the real estate opportunities the city offers. During the week of Art Basel, inquiries increase about the market health, new developments, and what are good investments. Many art collectors are also property collectors and become interested in the luxury condos and mansions surrounding the Art Basel scene. They’re also often business owners, and become interested in the market’s commercial space offerings.
“When Miami culture is in full swing, and qualified buyers are saturating the market, the real estate market stands to benefit”, says Darby. “High profile, high dollar deals will close thanks to the leads gained from this week.”