Pandemic restrictions and high taxes caused many tech and finance entrepreneurs to move to Florida. For the past year, there has been a huge tech and financial wave in Miami. Last December, Miami Mayor Francis Suarez implied his support in a tweet that went viral. When somebody said that Silicon Valley should be moved to Miami, the Mayor responded with “How can I help?”. Since then, it is hard to know how many companies have announced relocations to the Magic City. In fact, nearly every day brings an announcement of a new tech and financial relocation.
In a recent interview with the Mayor, he explains that this tech and financial wave in Miami is becoming a huge movement. According to Suarez, this new movement will directly and indirectly benefit South Florida’s residents. He explained that this movement will drive growth into the economy. In addition, this is not like other migrations South Florida has experienced. The mayor said that “This is not a moment, this is a movement”.
In the past, Miami has been known to receive temporary residents flocking to the area during the winter. According to the mayor, this is a much more permanent migration. Companies and employees who are following the tech and financial wave in Miami are here to stay. In fact, a lot of them are making this a permanent move, and there is data to support this. A lot of the newcomers have filed driver’s license applications, buying homes, registering their children to schools in the area, and signing leases. These are all signs of a commitment to staying in the city.
Luxury Real Estate in South Florida benefits from the new northern buyers
The new flow of companies to Florida positively impacted the real estate market, especially the luxury segment. New companies also bring in their executives and partners, who will need a new home in the Sunshine State. It is a differentiated public, of high standard, and with financial availability to acquire expensive properties facing the ocean.
“For a long time residents of the north have dreamed of living in Florida, and enjoying the warm climate and trendy life of Miami,” says Heloisa Arazi, broker and owner of AMG International Realty. “Many had already started the movement, others were on the fence “, she adds.
The pandemic has accelerated the process. Not only did the advent of remote work precipitate the movement, but the new companies coming to Florida brought their partners and high-net-worth executives. “In recent months we have received clients from New York asking to see luxury apartments and penthouses in Miami,” says Heloisa.
In fact, the luxury segment in the South Florida real estate market has shown a strong reaction in recent months.
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