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Alternative Market Briefing

Miami top destination for Latin American developers, but Russians and Asians are catching up quickly

Wednesday, January 15, 2014

Komfie Manalo, Opalesque Asia:

Nitin Motwani, one of the managing principal of Miami World Center said an industry gathering that Miami is fast becoming a top destination for Latin American developers, as well as Russian and Asian investors who are quickly catching up. He added "incredible growth" being experienced in Miami is not just fuelled by Latin America, but for the first time, "the entire globe" is getting involved.

Motwani cited one of their projects in Aventura consisting of 653 family homes, where at the start of the project the developer did not project a single Asian buyer. But now, when after checking the demographic profile of their buyers, at least 20% turn out to be Asians. He made the statement at the recent Opalesque Florida Roundtable.

"While Latin America is probably still our bread and butter, if you take a closer look at people starting companies or buying residential dwelling units, they are not just coming from South America anymore, but from New York. The highest priced condos on Miami Beach and Downtown are being sold to New Yorkers who are starting to spend more time down here, and probably in the back of their minds they are saying 'we should be buying bigger units because we will live here eventually or at least spend a lot more time...’," Motwani explained.

Motwani added that only recently, ......................

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