Miami developers courting Chinese investors

Miami /
Feb.February 17, 2015 03:00 PM

South American and Russian investors drove Miami’s recovery through the housing downturn, but now developers are reportedly looking at Chinese buyers to sustain the boost.

While Chinese buyers only make up 3 percent of the market in Miami, they are one of the fastest groups of foreign buyers, according to a published report.

Latin American investors from countries like Venezuela, Brazil, Colombia and Argentina accounted for 62 percent of sales in 2014.

But with South American and Russian currencies losing strength, investors are becoming discouraged, the Daily Business Review reported.

“Property values have gone up, and the currencies shifted in the other direction,” Daniel de la Vega, president of One Sotheby’s, told the Associated Press. “So South American investors may look at us and say it’s not as good of an opportunity.”

Now, big-name Miami developers are trying to draw in buyers from across the pacific.

Codina Partners, for example, sent a representative to Beijing to generate interest in the firm’s Downtown Doral revival. NR Investments made a promotional video in Mandarin for its luxury condominium project, Canvas.

In December, a Beijing company purchased a Brickell development site for $74.7 million in cash.

“Everybody wants a piece of Miami now,” Ron Gottesmann, a principal at NR, told AP. “This is the beginning of the change.” [Daily Business Review]Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Rise at Brickell City Centre at 88 SW 7 Street in Miami (Condos.com)
Closing at Rise tops Miami-Dade’s weekly condo sales
Closing at Rise tops Miami-Dade’s weekly condo sales
Faena House at 3315 Collins Avenue in Miami Beach (Condos.com)
Faena House closing tops Miami-Dade’s weekly condo sales
Faena House closing tops Miami-Dade’s weekly condo sales
A photo illustration of the Four Seasons Residences at Biscane Bay (left), the Mansions at Acqualina (middle), and the 1 Hotel & Homes at Miami Beach (right) (Condo.com, iStock)
Here are Miami-Dade’s top condo sales in April
Here are Miami-Dade’s top condo sales in April
Mera and Don Rubell in front of 1090 Northwest 23rd Street in Allapattah (SVN Commercial Realty, Rubell Museum, iStock)
Rubells expand their Allapattah art space with $11M industrial building purchase
Rubells expand their Allapattah art space with $11M industrial building purchase
Marc K. Bhargava and 8701 Collins Avenue, Unit 601, Eighty Seven Park in Miami Beach (Compass, LinkedIn)
Crypto pioneer buys Eighty Seven Park condo in Miami Beach for $6M
Crypto pioneer buys Eighty Seven Park condo in Miami Beach for $6M
CMC Group's Ugo Colombo in front of 2950 Southwest 27th Avenue (LoopNet, Getty Images)
Ugo Colombo’s CMC Group sells Coconut Grove office building for $11M
Ugo Colombo’s CMC Group sells Coconut Grove office building for $11M
A photo illustration of The Surf Club Four Seasons in Surfside (Condo.com, iStock)
Surf Club Four Seasons closing tops weekly condo sales in Miami-Dade
Surf Club Four Seasons closing tops weekly condo sales in Miami-Dade
Palazzo Del Mare at 7111-7193 Fisher Island Dr Miami Beach (Condo.com)
Oceana Bal Harbour closing tops weekly condo sales in Miami-Dade
Oceana Bal Harbour closing tops weekly condo sales in Miami-Dade
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...