Miami Real Estate Market
Miami is an international crossroads and attracts investors from all around the world for its touristic craze, its idyllic living environment and its worthwhile taxation system. Miami luxury real estate market is growing. With over US$ 6.2 billion in real estate purchases by foreigners over the last two years, and a US$ 2.8 billion new construction development plan, "the city that never sleeps" has never been as good as its dynamism is overflowing. With more than 23,000 newly built homes in Downtown, the good rental performance, each district has its own real estate landscape and distinct benefits for investors.
The US roundtrip transaction cost is around 9% to 11%. Significant costs include the 6% real estate broker's fee and real property transfer tax, at around 1.425% in New York City. Total costs for legal fees, title search and insurance, and registration fees range from 1.70% to 3.50%.
International Investment in Miami
A foreigner can legally buy and operate real estate in the United States. As a result, Miami becomes a real option for an investor who wants to diversify his portfolio and enjoy a favourable economic trend. This economic boom is characterized by a growing population of about 10% since 2007 and the presence of more than 1000 multinationals from 56 different countries and the development of a true "Tech Hub" for start-ups.
The real estate market in Miami is favourable for transactions and investments for several reasons:
- A transparent and open system.
- Protection of Investors (the law is in favour of the owners and protects them).
- A foreigner can become owner in the United States.
- Taxation is favourable.
The United States signed with many countries an agreement, allowing to avoid the double taxation.