Real estate investors from Turkey have been flocking to Miami recently, according to the WSJ.
Some evidence includes:
- A Turkish buyer paid $8.6 million for the two-story penthouse at Biscayne Beach, believed to be the most expensive unit ever sold in Edgewater
- Three units at the Ritz Carlton Residences Sunny Isles Beach sold to Turkish buyers earlier this year, at about $4 million each
- 5% of pre-construction inventory in Miami is now being sold to Turks, developers told the paper
- One real estate agent estimates 10,000 Turks live in Miami, with some interested in Eb-5 visas
- A new Turkish consulate opened in Brickell last year, and Turkish Airlines added nonstop flights