When you think of Russia, you might picture a relatively cold and somewhat dreary climate, even though it does have much more to offer. Still, thoughts of snow are often on the mind of many in Russia, and eventually, they want to have a place that’s a bit warmer. It is no wonder that many of the Russian buyers are in South Florida!
Topping the List for the First Time
The Miami Association Realtors’ list found that of all the countries using online searches for properties in Miami, Russia was in the top spot. Interestingly, November of 2016 was the first time that Russia made the top ten of this list since it was tracked. They followed up with the top spot in December.
Developers and agents in the area have found that many more Russians are starting to invest in the area, and they believe that one of the major reasons for this was the election of President Trump. The Russian investors are hoping that he will remove the sanctions on Russia that are currently in place. In Sunny Isles alone, there are six Trump Towers, and some of them have been trying to target the Russian buyers. In fact, Roman Bokeria, the head of Miami Red Square Realty, said “Russian investors see the Trump brand as a safe haven for their money.”
Of course, there were Russian buyers and investors in the area before the election of Trump, as well. Agents say that Russians were buying luxury units in a range of locations including Bal Harbour, Sunny Isles, and Surfside. Russian developers are also starting to invest in the area more. Russian billionaire Vladislav Doronin’s group has projects in development in Sunny Isles, Bay Harbor Islands, and Edgewater.
It does not appear as though Russian interest in Miami is going to slow down anytime soon.
Who Else Looked for Property in South Florida?
The country with the second most searches for real estate in the area was Colombia, followed by Venezuela, Brazil, and Argentina. Numbers two through five were no real surprise. Countries in Latin America have had an interest in South Florida for years, and their craving for quality real estate is not diminishing. Coming in at number six on the list is India, followed by Canada, the Philippines, Spain, and finally Italy. Canada is another country that has always had a bit of a love affair with Miami. It might not be a coincidence that the winters in Canada can get just as cold and bitter as they can in Russia.
Buyers from foreign countries have always found Miami to be a good place to invest for a range of reasons. It is a beautiful, multicultural city that tends to have great weather. It is a good location for businesses, as well. Whether looking for a residential property in which they can live year-round, a vacation property, or a property for rental, they know that it can make a good investment option.
Resources: provided by client The Real Deal