Russian Investors Continue Surge in Miami’s Luxury Real Estate Market
By: Ismael Rodriguez
Russia tops all Latin American and international countries in searching for real estate in Miami, an enticing city to foreign investors, according to Miami Association of Realtors.
For the second month in a row, the Russians have outranked and made their presence heard in Miami, increasing their interest in purchasing luxury properties in the United States by 35 percent.
This group of foreign investors is part of the influx of high net-worth international buyers since Donald J. Trump, a real estate mogul, won the presidential election in November of last year.
Since then, the U.S. dollar has been stabilized, giving Russian and international buyers the confidence to invest in Miami.
“Just the possibility of Trump becoming president was a catalyst to what you’re seeing happening now in Miami real estate when it comes to Russian buyers,” John Harris, a managing partner and chief wealth advisor for Coral Gables Trust, told the press.
Other real estate players in Miami have shared a similar opinion.
“We weren’t hedging our bets on the election outcome,” Edgardo Defortuna, president and CEO of Fortune International Group, which is in charge of the Sunny Isles’ Ritz-Carlton Residences, told the press. “But on a real estate basis a lot of us are very happy. If Trump wants to give the economy a jump start through infrastructure and taxes and making investment in the U.S. more attractive it’s definitely going to have a positive impact on the real estate market, so from that point of view I’m very optimistic.”
And most are already profiting from this surge by Russians and other international countries to invest.
For example, Miami Luxury RE LLC, which specializes in high net-worth individuals from Russia, the UK, Brazil, Canada and other buyers, can attest to the increase in interest.
“Our clients purchase primarily in the $2 to 50 million range,” Daniel Pansky of Miami Luxury Real Estate told the press. “We are currently working with several high net-worth individuals from Russia to purchase a penthouse in Miami in the $10 to $50 million range.”
Below is a list of some high net-worth Russian individuals that have made headlines with their purchases in Miami:
- Aras Agalarov, $10.7MLN Condo at Palazzo Del Sol, Fisher Island
- Kirill Stadnikov and Tatiana Zorina, $10MLN Condo at Oceana, Bal Harbour
- Yelena Dudochkin, $6MLN Condo at Fendi Residences, Surfside
- Russian tourism minister Amir Gallyamov, Condo at Fendi, Surfside
- Boris Jordan, $20MLN PH at 321 Ocean, Miami Beach
- Igor Yakovlev, $8.7 MLM Condo at Porsche Design Tower, Sunny Isles Beach
- Chingiz Askerov, $5MLN Condo at Porsche Design Tower Sunny Isles Beach
- Alexey Knyshov, $7MLN Condo at Mansions at Acqualina, Sunny Isles Beach