A report from commercial brokerage CBRE reveals more than half a billion dollars worth of Asian cash flowed into Miami real estate during the first six months of 2016, making it the country’s fourth most popular destination for investments from across the Pacific. Asian investors spent $665 million on real estate in Miami during the first half of this year, marking a massive jump in volume from the $34 million during the same time period in 2015.
The flow of capital from Asian countries, especially China, has reached record levels in the past year as investors seek to hedge themselves against risk in their domestic markets. In particular, the depreciation of China’s yuan makes investing in U.S. real estate a comparatively safe bet, according to the report.
Based on CBRE’s count, Asian investors snapped up $14 billion worth of U.S. real estate assets during the first half of 2016, which represents about 52 percent of all outbound investment for the region. In the U.S., New York enjoyed the most activity, with $4.02 billion in investments, followed by San Francisco with $1.4 billion and Chicago with $1.34 billion.