Why Miami is the Best City to Invest in 2020
If you’re looking for a city to invest in real estate in 2020, look no further, Miami is your best choice. At least, according to Vladislav Doronin, the owner and CEO of luxury hotel brand Aman Resorts and chairman of real-estate development firm OKO Group.
While New York could be considered “the center of the Western world,” Miami “recently become a global city,” Doronin shared with the press. “In recent years, Miami has become a global hub, with one of the US’s biggest airports enabling easy access to North America, Latin America, Europe, and the rest of the world,” Doronin said. “It is the fastest-growing city in North America.”
The Magic City also had the fastest-growing job market among main US cities between 2012 and 2017; the population increased by 12% in the same time period, a CityLab study discovered.
Another win for the city is the federal tax reform passed in 2017, and Florida’s lack of income tax, making Miami more attractive to individuals and companies, Doronin told.
“On top of the market conditions, Miami offers a great quality of life to residents with the great weather, and active outdoor lifestyle,” Doronin stated. “It is attractive to business owners, CEOs, and those working in a high-stress job, as it enables them to de-stress and recharge after working hours.”
In Miami, Doronin recently announced he’s opening an Aman, with a luxury hotel and private branded apartments expected to open in 2023. He also has ongoing projects such as Una, a 47-story waterfront condominium in Miami’s Brickell neighborhood, and Missoni Baia, a 57-story luxury tower in East Edgewater.
And although Miami is his first choice, Doronin will keep investing in New York. He’s inaugurating Aman New York in 2020, the first urban Aman location in the US.
The real estate market in New York City will perpetually have “globally-recognized value and will continue to attract international investment,” especially in the luxury division, Doronin stated.
“That said, the market conditions for developing New York – very high construction costs, expensive insurance, and significantly higher taxes – make Miami a much more attractive city to invest in currently,” he concluded.