MIAMI, FL, USA, November 10, 2021 /As a result of the U.S. lifting the travel ban on Canada, Russia, Brazil, and 30 more other countries there is likely going to be an influx of wealthy foreign buyers coming to the U.S starting the week of November 8th, 2021. Wealthy foreign real estate buyers are likely to flood the country’s luxury property markets, boosting demand on an existing limited supply of luxury, homes, and condos. International real estate buyers who have been on the sidelines will now be able to enter the US for the first time in 20 months as a result of lifting pandemic restrictions.
Maria Kuzina of Miami Luxury Real Estate says the major focus for these buyers is Miami. “We have a lot of clients that want to touch and feel the properties before purchasing rather than just virtual presentations”.
According to sales statistics, the influx of foreign buyers might result in additional sales worth tens of billions of dollars. According to the National Association of Realtors, foreign buyers spent $267 billion on U.S. real estate in 2018 and $183 billion in 2019, before the outbreak. Their expenditure declined to $107 billion in 2021, indicating high pent-up demand due to buyers’ inability to tour or see houses.
International buyers want to park their money into the safety and security of U.S real estate as opposed to what is happening politically in their home countries. Together with the lifting of limitations, international buyers have reaped the benefits of tremendous wealth creation throughout the pandemic, as asset values and the stock market have risen. The world’s wealthiest are hunting for showpiece assets now that they have plenty of cash. Notwithstanding the ups and downs of the pandemic, cities like Miami, which have long been destinations for the world’s wealthy, are still viewed as safe investments.
The key concern is whether there are sufficient luxury properties for international buyers to purchase, particularly in Southern Florida. Prices have surged in Miami as well as Palm Beach as a result of domestic demand from the wealthy relocating from states like California, New York because of political and or lower taxes in Florida.
Florida is the most popular destination for international buyers, amounting to 20% of the country’s total. With 16 percent, California came in second, followed by Texas, Arizona, New Jersey, as well as New York.
Buyers are from Europe, particularly the United Kingdom, France, and Germany. Brazilians are the largest group of international buyers returning to Florida.
“Overseas buyers prefer New Construction”, says Kuzina.
Miami Luxury RE LLC specializes in High Net Worth Individuals (HNWIs) primarily from Mexico, the UK, Brazil, Canada, and other international buyers. The company specializes in Luxury pre-construction properties.
Maria Kuzina of Miami Luxury Real Estate says, “Our clients purchase primarily in the $2-$50 million range. We are currently working with several International HNWIs that are looking to purchase Penthouse in Miami in the $10-$50 million range. We also specialize in working with celebrities, and sports professionals.”
“What separates MLRE from others is our attention to detail, superb negotiating skills for buyers/sellers, and handling our clients with golden gloves. Also, a professional network of lawyers, accountants, and other services catering to the HNWI. Our work ethic and professionalism are unparalleled,” says Kuzina.
MLRE is also currently representing several buyers and sellers on Fisher Island and Sunny Isles Beach in the $5-$38 million range.
MLRE has one of the most extensive websites for Luxury Real Estate in Miami – www.miamiluxuryrealestates.com. For all your Luxury Real Estate buying and selling needs, please call Maria Kuzina, Miami Luxury RE LLC, +1-855-75-MIAMI (64264), or visit our website at www.miamiluxuryrealestates.com
Miami Luxury RE LLC