Orlando is Top Florida City for Chinese Property Investor Activity
According to Juwai.com, Florida is already the fourth most popular state in the country for home buyers from China. Only California, New York, and Michigan received more interest. Chinese buyers have the highest average transaction price of all foreign buyers, spending $590,826 - more than double the national average of $247,417 for all buyers.
The leading Florida cities for Chinese investment are led by Orlando and followed by Miami. These two have a large lead over other destinations. The Florida destinations that have gained the most new interest from Chinese real estate buyers over the past 12 months are Miami and Jacksonville. Chinese buyers are attracted by the relatively low prices, the lifestyle, prospects of earning yields and capital gains, tax advantages, and the quality building stock - especially in new construction.
Among Florida cities, Miami ranks seventh among the global cities most important to the world's ultra-wealthy - making it the only US city besides New York in the top 10.2 There are currently 47 condo projects under construction in Miami-Dade, just in the area east of I-95.
The new construction - designed for international buyers - appeals to the Chinese thanks to high-quality construction, prominent architects, and amenities such as large terraces, outdoor kitchens, and private pools.
In addition to single-property transactions, you also see commercial and multi-unit transactions, such as when Chinese private equity firm, CXA-12 Corp. bought the 60-unit Palisades Condominiums in Winter Garden, Orlando for $4.8 million.
When buying properties for their own use, Juwai.com reports the Chinese often choose properties close to educational institutions, with water views, in new or near-new condition, and close to other Chinese buyers. When investing, they often choose properties with predictable returns and capital gains, as well as seek the services of a property manager.