Surprise? Not at all!
The Wall Street Journal reported that developers of luxury condos in Miami are selling about 5 percent of their pre-construction units to Turkish buyers. This year, for example, Turkish buyers paid $4 million for three units at Ritz-Carlton Residences Sunny Isles Beach, which is under construction in the northeast Miami-Dade County community.
In October of last year, Turkish Airlines began operating a daily flight from Istanbul to Miami. Estimates by real estate agents put the number of Turks who reside part-time in Miami at 10,000. A newly built Turkish consulate opened in Miami earlier this year to handle an influx of Turkish citizens.
Hill Borque, who last December opened a Miami franchise of Turyap Realty, based in Istanbul, told the Wall Street Journal that Miami condos can be good investments for Turkish buyers: “There’s a good return on investment, and the returns are in dollars.”
Reid Boren of Two Roads Development told the Journal wealthy Turks historically bought second homes in London or southern France, but many of them now regard second homes the United States as a more stable investment. Boren recently sold a two-story penthouse at Biscayne Beach, his 399-unit condo development, to a Turkish buyer for $8.6 million.
The Miami condo market will experience an influx of many non-traditional investors from different parts of the world that will contribute to the continuity of that sector as local buyers no longer possess the means to sustain the market.
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Written by Mona L. Cherkaoui
International Real Estate Advisor, Speaker, and Trainer