Russians top list of foreigners searching for Miami homes

by Anna Sobrevinas15 Feb 2017
Russians are currently topping the list of foreign buyers looking for homes in Miami, according to the Miami Association of Realtors.

It’s the first time Russians have topped the list since 2013. Two years ago, it came in behind the closer countries of Brazil, Venezuela, Argentina and Colombia. 

After the presidential election, Russian buyers have been back in the Miami luxury real estate market. Russian buyers already invested $1 billion in US real estate last year, according to the National Association of Realtors – but Russian interest spiked 35% after Donald Trump won the election. 

"Our clients purchase primarily in the $2-$50 million range,” said Daniel Pansky of Miami Luxury Real Estate. “We are currently working with several (high-net-worth individuals) from Russia that are looking to purchase a penthouse in Miami in the $10-$50 million range."

Russians’ affinity for the weather, security and privacy Miami has to offer entices them in. The stability of the dollar also attracts Russians and other nationalities to invest, as it serves as a strong hedge from depreciating local currencies.

Some significant examples of Russian buyers in Miami luxury real estate are vodka king Rustam Tariko, who bought a home on Star Island for $25 million. The most expensive home in the city – a 30,000-square-foot Indian Creek home – was bought by an unnamed Russian buyer for $47 million.


Related stories:
Breaking even in expensive markets taking even longer than before
Morning Briefing: Sunshine state dominates for single-family homes
 

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