Why Invest in Miami?
It is no wonder why Miami is the land of opportunity. With a booming local economy, there are several reasons why now is the time to make a secure property investment in Miami.
Wealth: According to annual wealth reports, a collection of data about the world’s richest individuals ($30 million or more), Miami comes in at #2, second only to New York City (Source: Knight Frank Global Cities Survey). Additionally, Miami is the second most popular banking hub in the U.S., having been named “The Wall Street of the South” by Business Insider in 2014.
Location: Miami’s strategic location between Latin America and Europe has earned its title as “The Gateway to the Americas.” Miami International Airport (MIA) now offers more flights to Latin America and the Caribbean than any other U.S. airport, is America’s second-busiest airport for international passengers, boasting a lineup of 100 air carriers and is the top U.S. airport for international freight.
Tourism: Miami has a $22 billion annual tourism industry. The Port of Miami is the undisputed cruise capital of the world, with more than 4.8 million passengers a year departing on 15 major cruise companies including Royal Caribbean, Norwegian Cruise Line and Carnival Cruise Lines. People from around the world come to Miami to experience its year-round rich cultural offerings such as the Sony Open Tennis Tournament, South Beach Food and Wine Festival, Art Basel, Coconut Grove Arts Festival, Miami Film Festival, Mercedes Benz Fashion Week, Formula E Championship Race, International Boat Show, professional sports teams, performing arts, and much more.
Quality of Life: The University of Miami was named one of the top 50 national universities by U.S. News and World Report, while Florida International University is ranked #1 in the nation in awarding bachelor’s and master’s degrees to Hispanics. Miami boasts over 33 hospitals and is home to Bascom Palmer Eye Institute, the #1 eye hospital in the U.S. In recent years Miami has seen substantial growth in the technology sector, with tech companies like Microsoft and Open English setting up offices here to reach Latin American markets. This is just one of several industries supplying new jobs to the city.
Additionally, Miami boasts several high-end shopping malls and an exciting restaurant scene headed by top-notch chefs like Michael Schwartz, Michelle Bernstein, and Jeff McInnis.
Tax Breaks: Another reason to invest in Miami is the benefit of tax breaks. No individual state income tax or estate tax exists in Florida.
Demand: Demand for South Florida real estate is on the rise due to a population boom. Florida’s population ranking in the U.S. has jumped from 33rd to 4th in the last 100 years. By 2015 the population of Florida is projected to become the third most populous state in the U.S., surpassing NYC. (Source: ISG World)
New Projects: It is no secret Miami construction is on the rise. Notable projects include: