MIAMI – (RealEstateRama) — The MIAMI Association of REALTORS® (MIAMI), the nation’s largest local Realtor group, will be promoting South Florida on a trade mission to China. MIAMI CEO Teresa King Kinney will be participating and presenting at the 2016 Asian Real Estate Association of America’s China North America Global Summit on June 15-25, 2016 at Chengdu, Xi’an, Changzhou and Shanghai.
Ninoska “Nina” Fabbri of ISG International will also be attending. Fabbri is a member of the Greater Miami AREAA Board and the AREAA International Committee. AREAA is partnering with China Real Estate Association (CREA) to highlight the cities that are reshaping the Chinese economy and creating significant new wealth and business opportunities for real estate professionals.
China, the world’s most populous country, is one of the fastest growing segments of South Florida foreign buyers. The Asian country’s interest should only increase due to Miami’s world-famous lifestyle, top-tier colleges and universities, expansive designer-brand shopping, diversified economy, sunny weather, clean air, walkable districts, and secure investments.
“Miami’s clean air, excellent schools and universities, development and world-class healthcare are attracting more Chinese residents and investment,” Kinney said. “South Florida has long been the top destination in the U.S. for international home buyers, and we believe China will definitely increase Miami real estate sales to foreign buyers.”
Chinese Consumers Buying More South Florida Properties
China is one of the fastest growing segments of South Florida international buyers, according to a 2014 survey conducted by the National Association of Realtors (NAR) for MIAMI. Chinese buyers represented 2 percent of all international closed sales in Miami-Dade and Broward Counties in 2014. That’s a 50 percent increase from 2012 and 2011 when China comprised 1 percent of transactions.
According to the 2015 Profile of International Home Buyers in Florida conducted by NAR, Miami-Miami Beach was the top Florida destination for Chinese buyers. About 42 percent of Chinese consumers purchasing property in Florida bought in Miami-Miami Beach. Bradenton-Sarasota-Venice was the second-most popular Sunshine State destination at 27 percent.
In 2015, Chinese consumers had an average Florida purchase price of $1.065 million, the highest among all international home buyers, according to the 2015 Profile of International Home Buyers in Florida. All foreign buyers had an average purchase price of $538,600 in Florida, higher than the $258,200 mean home price for domestic clients.
Nationally, Chinese buyers have surpassed Canadians as the most dominant foreign home purchasers, according to the National Association of REALTORS® 2015 Profile of Home Buying Activity of International Clients. Chinese buyers comprised 16 percent of international buyers who purchased single-family homes and condos in the 12-month period ending in March, up from 12 percent in 2013.