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MIAMI takes new global partnership to Dubai

by James McClister

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The Miami Association of Realtors is headed to Dubai to present at the 2016 Cityscape Global event, and its new global marketing partner Realopedia is tagging along. It’s the association’s latest move to help sell the South Florida real estate market abroad.

“The launch of a direct Miami-to-Qatar flight has increased Middle Eastern interest in South Florida real estate,” MIAMI CEO Teresa King Kinney says.

In the first half of 2015, buyers from the Middle East spent $2.7 billion on real estate in the Americas, according to CBRE. South Florida was the No. 4 destination for that investment; and Miami is a big reason why.

“Investors and homebuyers from Dubai and the United Arab Emirates love Miami’s vibrant nightlife, art and international business center,” Kinney says. “The Middle East is part of an increasingly larger array of countries purchasing Miami real estate, and there is great synergy between Miami and Dubai.”

In early 2015, the Abu Dhabi Investment Authority purchased the Miami Beach EDITION hotel for $230 million; and in the same month, a “corporate entity linked to Saudi Royalty” paid $23 million for a plot on Indian Creek Island. Also, Step America, a Dubai-based company, is currently seeking Middle Eastern investors for SkyRise Miami, an EB-5 project.

By partnering with Realopedia, a global business-to-business and business-to-consumer real estate portal, MIAMI hopes to continue growing the popularity of the South Florida market by further extending its global reach and brand. The Dubai showcase is only one of several international events the association intends to present at this year.

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