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Hind Al Soulia - Riyadh - DUBAI — For Middle Eastern commercial real estate funds and investment firms, the US market is still the most desirable investment destination for foreign real estate properties.
Roxanne Kosberg said: “Investors from the Middle East remain active buyers in the global real estate market and continue to target core assets in safe-haven locations. The recent decline in oil price only strengthened the case for investors to diversify their income streams, both in terms of asset and geographical diversification, and long-term panorama.”
“In 2019, South Florida recorded an all-time high of 71% sales achievement from Foreign Buyers in which 11% came from the Middle East region.” she added.
Kosberg is owner and CEO of Cityfirst Realty LLC, a licensed Florida high-end real estate company specializing in assisting mostly foreign nationals, as well as some of the world's richest and most accomplished businessmen and celebrities purchasing or selling multi-million dollar properties, as well as selling houses to some of the world’s richest and most accomplished businessmen and celebrities in the world.
There is a significant number of foreign investors coming from the whole Middle East and its neighboring region such as South Asia. Most of their investments have a wide range starting from $1,000,000 — $50,000,000++ on residential and commercial properties located in the areas of Miami Dade County (Miami, Miami Beach, Surfside, Bal Harbor and Sunny Isles Beach),” added Kosberg.
Middle Eastern investors continue to invest in South Florida specifically for many of the same reasons as they always have. Below are the top three reasons why Middle Easterns are still eyeing South Florida as their top property investment destination:
STABLE ECONOMIC GROWTH
Its growth and demographics create very strong positive trend lines for long-term holders, where many of their funds and direct investors seem to be. Florida’s steady GDP attracts a lot of Middle Eastern to the state. The state is one of the top travel destinations in the world, relying on tourism to drive its economy more than any other state.
The Sunshine State also relies heavily on real estate and international trade. As of 2019, Florida had the fourth-largest economy in the United States behind California, Texas, and New York with a gross domestic (GDP) product of $1.1 trillion and a $91.1 billion budget.
EASY CONNECTIVITY
High flight connectivity between the Middle East region and South Florida also has helped accelerate that demand by individuals and institutions alike. The big three Gulf carriers, including but not limited to Emirates and Etihad Airlines have regular flights to South Florida, as well as other regional airlines and US based carriers.
The growing volume of property investments has largely been driven by sovereign wealth funds. According to the report, favorable exchange rates and a desire to diversify assets have led these funds to seek residential and commercial real estate opportunities in the United States, with Miami at the top of the deck. The easy direct flights to the Middle East from Miami International Airport and Fort Lauderdale Airport likely will contribute to further investment.
VIBRANT LIFESTYLE
Investors and home buyers from the Middle East, GCC and the United Arab Emirates, in particular, love Miami’s vibrant nightlife, art and international business center.
South Florida, in particular, has a picturesque blend of glistening white sand beaches, vibrant international community, and a blossoming entrepreneurial sector. With Condominiums, Townhomes, Single Family Homes, Estates and Executive Homes available in Miami-Dade County, Fort Lauderdale, Broward County and the Palm Beaches, the destination offers you endless options to experience South Florida’s cosmopolitan lifestyle.
Thanks to its gorgeous weather, South Florida enjoys year-round activities and festivals, including Art Basel, Winter Music Conference, the Miami and Fort Lauderdale International Boat Show, and many more. Plus, the Miami Heat, Miami Dolphins, Miami Marlins, Florida Panthers and Miami Hurricanes play sports year-round, which gives you non-stop options for athletic entertainment.
If you enjoy weekend getaways, South Florida offers multiple options for family-friendly adventures. With the Florida Keys, Walt Disney World, and the Bahamas all nearby, vacations are just a quick drive, flight, or cruise away. — SG
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