Miami has recently become a destination for Turkish buyers to invest in luxury real estate. Within the past two years interest has jumped; wealthy Turkish buyers have begun purchasing luxury properties as their second or third homes. For these buyers, Miami’s luxury condos are more affordable than similar seaside destinations in Turkey. They are looking for good weather, a recognizable name, and large, beachfront units.
Among the properties catching the attention of this specific real estate audience is ONE SIR’s exclusive development Louver House, located in the South of Fifth neighborhood. Gulsah Cantas, founder of Istanbul-based interior architecture and design firm Kontra recently visited Miami to scout out Louver House on behalf of several potential clients. Turkish developers are also investing in the area, putting their name and money behind residential and commercial properties. This influx of Turkish buyers led to the building of a new consulate in Brickell, as well as the addition of daily Turkish airline flights from Istanbul to Miami.
- *Based on a recent Wall Street Journal article, see the full text here.