Miami has long been an international market. The city is impacted by a multitude of cultures, but Latin influence prevails. The same has been continuously true for the commercial real estate market. Foreign investment in the market been strong for some time, with South American interest dominating.
A barometer of foreign interest in Miami’s real estate market has been internet searches originating from home countries. At the end of 2015, Colombia lead with the highest volume of searches for Miami real estate. Brazil has long ranked highest in this measure, however, recent decreased interest may be attributed to the country’s struggling economy. Venezuela, Argentina and the Phillipines round out the top fives countries in this ranking. The Philippines’ interest has seen considerable growth in recent months, and this is the highest search volume seen from the country.
As indicated by search interest, new countries are entering the Miami market with greater strength. “We’ve seen a growing interest from Asian markets, especially the Philippines and China” says Keith Darby, president of Rise Realty in Miami. South American countries have been the most major players in the Miami real estate market for some time, but their interest and investments has decreased overall due to their home countries’ unstable economies and political issues, along with the increasing strength of the U.S. dollar. Darby says, “As economic conditions shift and change, the positions of foreign investment players change. This creates new marketplace conditions which we consider in opportunities and negotiations for our clients.”