The U.S. Department of Commerce just released statistics showing that in 2014, Miami was the 2nd most popular travel destination in the U.S. for international visitors. With over 74.8 million visitors to the U.S. in 2014, over 14.1% of those visitors came to the “Magic City,” Miami.
The amount of international visitors to Miami increased 21% in 2014 which set a new record, making Miami one of the fastest growing tourist spots for foreigners—only second to New York City.
This is significant to Miamians and the Miami real estate market, especially since over $220.6 Billion were spent in the U.S. last year by international tourists, and a boat-load of this money stayed right here in Miami.
The statistics show that people are attracted to Miami and the attraction seems to only being growing at a more rapid pace. This is excellent for the real estate market in Miami and especially the Miami condo market. Reports show that 70% of all Miami condos were purchased by a foreign buyer last year. Faced with volatile economies in some foreign countries, Miami real estate is considered a very safe place to invest one’s money. In fact, all-cash purchases of Miami real estate accounted for 82% of all purchases last year by foreign buyers.
If you, or someone you know, are interested in purchasing real estate in Miami, please contact Michael Light. I am very experienced in working with international buyers from all over the world. You may reach me at (786) 566-1700 or via email at michael@201813.com.
