Miami Definitely A Global City

France was the No. 2 country of origin for visitors to Miamire.com according to the last report of the Miami Association of Realtors website for foreign visitors. That fact is not shocking news any more. It is a mere reflection of what is happening in our streets. It is not only our immediate neighbors from South, Central or North America that keep flocking our city but Europeans and Asians as well are increasing their presence and influence in Miami.

Back in 1991, Columbia University sociologist Saskia Sassen coined the term “global city” to describe an urban area crucial to the world’s overall economic, cultural and political development. Although Sassed initially wrote of cities such as London, Tokyo and New York, 20 years later she declared Miami to be one of the era’s most “exceptional” example of global city growth.

 Nothing better confirms Sassen’s observations than Miami’s rapidly ascendant real estate market. Hard-hit by oversupply and underfinancing after the 2008 crash, Miami has not merely survived, but is now thriving at record levels. 

Although domestic buyers, particularly New Yorkers, have shown interest in the highest-end projects such as Faena House and Edition, foreign buyers – notably Brazilians, Argentines and Venezuelans – remain the strongest players in Miami. Last year, foreigners comprised some 60 per cent of the city’s total market, according to the Miami Association of Realtors.

“Certain key prime markets have bounced back stronger than ever and Miami is one of them,” says James Price, Knight Frank’s head of international residential development. “Aided by international buyers, the level of [over]supply that had brought the market down has completely reversed itself.”

A recent report by realtor Douglas Elliman found that Miami’s property inventory shrunk 12.5 per cent in the first quarter of 2013 compared with 2012 – and a full 30 per cent from 2011. The number of distressed properties – the short-sales and foreclosures that dominated recession-era sales – fell nearly 25 per cent from last year and almost 50 per cent since late 2010.  The healthy dynamics and solid strength of the Miami Real Estate Market simply could not have been attained apart from the presence of Foreign Investors from all over the globe who attracted by the new life and importance of our city decided to become part of its history now.

* Notes taken from Financial Times.

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