Since Trump has been elected, the ties between the US and Russia have tightened. Putin and Trump had an exchange of opinions last week on the position of the United States in regards to previous sanctions against Russia.
For the past 3 months Russian buyers have Miami real estate in the back of their mind. They are on the top of the list for foreign countries looking online for a house in Miami. It’s the first time since 2013 that this country is number one ahead of Columbia, Venezuela, Argentina and Brazil.
The relationship with Russia had declined during Obama’s presidency due to sanctions against Russia because of its positions towards Crimea and Ukraine. Trump’s administration could cancel these decisions took by Obama during his mandate. Since 2014 Russian investment had decreased in Miami due to the US sanctions, such as the impossibility to get a mortgage from a US bank, the weak ruble and an unstable oil market.
The majority of Russian buyers are pro-Trump. They now think that America is great again !
Realtors who specialize in Russian’s buyers are not surprised at all by the increased interest. Their favorite neighborhoods in Miami are Bal Harbour, Sunny Isles and Fisher Island. Russians usually invest in luxury condos. In Sunny Isles, Trump gave his name to 6 luxury condo towers such as the Trump Palace Condo. In this area the Russian community represents 9% of the population. This is the highest rate in Miami.
Furthermore, Vladislav Doronin, a famous Russian developer is betting a lot on Miami. He already has projects in the works.
To conclude, Russian ties with the US are strengthening and Miami real estate is benefiting from it.