Russian buyers are well known for their love of real estate and have been active in Miami for quite some time… but now they appear to be more interested than ever before. In fact, searches originating from Russia topped the list of international interest in miamire.com — the official website of the Miami Association of Realtors — in November 2016. This is striking for two reasons: Firstly, this is the first time Russia has led other countries like Brazil, Venezuela, Argentina and Colombia (which comprised the top four in order in November 2015… Russia came in fifth then) in Miami interest since the association began tracking web clicks in 2013.
Secondly, the Trump ascendancy cannot be ignored — specifically the warmer relations between Putin and Trump which may be alluring Russian buyers to U.S. real estate — including Miami! According to real estate consultancy Knight Frank, Russian interest in the U.S. luxury real estate market rose 35 percent following Trump’s victory in November. While it’s too soon to tell if interest translates into closed sales, Russian interest could be good news for the stagnant Miami market.
In tandem with this renewed interest in Miami real estate, Russian developers are pouring money and concrete into Miami. For example: Russian-born developer Vladislav Doronin recently paid $54 million for a 2-acre site along Biscayne Bay in Miami’s Edgewater neighborhood where he is planning a condo project — one of several he is behind in Miami. This comes at a time where there is a glut of high-end condos in the market or in development.