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.
Tech and Financial wave “(…) is not a moment, this is a movement”
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 the trend 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.
The impact on Luxury Real Estate
The movement of companies from all corners of the United States is already having a great and positive impact on the Florida real estate market, especially in the city of Miami. Not only are companies looking for new buildings and spaces to accommodate their employees, but the employees themselves have started looking for their new homes in the Sunshine State. A good part of these workers are high-level executives, financially qualified, looking for luxury houses and apartments facing the beach. “These executives from the north are finally fulfilling their dream of having an oceanfront residence in Florida. Something they’ve been waiting for years and now they have a chance to do it,” said Heloisa Arazi, broker and owner at AMG International Realty.
In fact, the luxury segment in Florida is showing a strong reaction. Noble regions of the city, such as Bal Harbor and Sunny Isles Beach, are welcoming new residents from New York. “I have shown apartments to many New York executives in luxury condos such as Porsche Design Tower and Armani Residences,” said Heloisa.
About AMG International Realty
AMG International Realy is a full service luxury brokerage firm in South Florida. If you are interested in buying, renting or selling Real Estate in Miami, please contact us today: +1 (305) 318 6968 (Heloisa Arazi).