A SUNNY INVESTMENT Miami is in an enviable position. Plans for a high-speed train to connect it to New York and Cuba’s open market make it a hotbed for investment BY AMANDA FISHER
in Nicaragua, Miami becomes a logical place to manage your business in the Americas,” he says. That is not to mention the enticing weather, with average temperature of 25C, the infrastructure—Miami has one of America’s busiest ports and an international airport that serves 40 million passengers every year—and the minimal tax (there is no state income tax in Florida). “Demographic trends are now suggesting we have a lot more growth ahead of us than New York, which is struggling to maintain its population,” says Zalewski. The main reason for the growing population is migration, both domestic and international, with more than 1,000 people a day moving to Florida, according to state statistics. Chris Soares, a property agent who runs the website investinmiami. com, says Miami has become the third top US city to invest in, with property much cheaper than in London or New York. “Miami is host to 1,000-plus corporate headquarters, 73 foreign consulates and is the home of 32 per cent of the finance and insurance industry [in the US]. All these are going to experience [massive growth] by 2020,” he says. Zalewski says Miami’s international flavour is a key draw. The US has a population of 321 million with 13 per cent of citizens foreign-born, according to the census, while 58 per cent of Miami’s population is foreign-born. While a fifth of households in America speak a language other than English at home, in Miami city that jumps to 77
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t is often seen as a laidback, sunshine-filled city—but Miami is undergoing a vigorous regeneration, which will see investment opportunities aplenty in property and infrastructure. There are a host of new projects in the pipeline, including an express high-speed train that will eventually connect Miami to New York, a $2 million upgrade to the port, a 50-berth superyacht marina and a 1,000ft-high observation tower. But it was in property where Miami first built its reputation for business. The Floridian city had a GDP of $299 billion in 2014 and is said to be the original home of the condominium, building and trading in the solution for inner-city living from the 1960s. According to the Miami Downtown Development Authority, up until 2002 there were 11,500 condos built in downtown Miami. In the next eight years, that inventory doubled to 22,000. Since 2011, another 23,000 condos are being, or have been built, in the city with a population of 430,000. Peter Zalewski, the chief executive of the Miami property firm Condo Vultures, says opportunities are plentiful in the multicultural melting pot, which is referred to as both the “sixth borough” of New York and the northernmost city of Latin America, thanks to a large influx from each. “Because of globalisation, because of movements toward increased dependency with trade between Latin America and the US, the expansion of the Panama Canal and the rival canal
MAY / JUNE 2016
Published on May 1, 2016
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