International students are ditching dorms for luxury Miami condos

Enrollment of international students in American universities spiked 7.1 percent in the 2015-2016 academic year, according to a recent report. And where will their families stay during parents weekend? In luxury condos, of course.

In Miami, New York, and Boston, developers of luxury properties have reported increased interest from international university students and their families, according to Mansion Global. The report revealed that students from China, India, and Saudi Arabia now represent 53 percent of international enrollment in American universities.

“Most students live in one-bedroom units, but we’ve had scenarios where parents have bought a two-bedroom to accommodate family members who visit,” Douglas Elliman broker Donald Schiraldo said in reference to sales in Manhattan’s Hell’s Kitchen neighborhood. “Or, for a better investment, the son or daughter will live in one bedroom, and rent out the second one to a roommate.”

Miami’s trendy Brickell City Center houses international students from University of Miami, Miami-Dade Community College, and Florida International University. Swire Properties’ broker Maile Aguila told Mansion Global that about 70 to 75 percent of City Centre residents are from Latin American countries, and “typically, the students’ families purchase one- or two-bedroom units, which range in price from $650,000 to $1.5 million.”

In August, Global City Development, a Miami-based company, announced plans to build a 20-story luxury condo tower across from FIU. University Bride Residences would feature 429 condo units geared toward students for prices starting at $190,000 and running north of $600,000. [Mansion Global] -Grace Guarnieri