Wealthy Chinese buyers have been buying so many homes in the United States that they are the top foreign country purchasing property in the U.S – for the fourth year in a row. Those home sales totaled more than $27 billion.
But in South Florida, the response hasn’t been so strong. Vanessa Grout, president of CMC Real Estate, told the Washington Post the share of the Chinese market in South Florida is ready to grow.
CMC is marketing its Brickell Flatiron project, a 549-unit 64-story tower in Brickell, to Chinese buyers.
“Chinese buyers typically buy in groups and buy more than one unit at a time,” Grout told the newspaper. She attended the Beijing Luxury Properties Showcase last year, and said, “we’ve learned quite a bit about the market for Chinese buyers coming to Miami, and we think it will only grow.”
Chinese investment in U.S. real estate is expected to reach $50 billion by 2025, according to a report cited by the Washington Post.
While China represents only 2 percent of foreign buyers in Miami, other developers and brokerages expect business from Chinese buyers to grow, especially when demand from other regions like Latin America has dwindled.
Miami is also more affordable than cities like San Francisco and New York, Grout said.
CMC isn’t alone in its efforts to bring in Chinese nationals. ISG and Cervera Real Estate have both inked partnerships with Homelink International, one of China’s largest brokerages. ISG World also launched its own Chinese division earlier this year, led by Don Pingaro. OneWorld Properties has also traveled to China to sell its Paramount projects.