MIAMI REAL ESTATE STILL APPEALS TO THE FRENCH

 MIAMI REAL ESTATE STILL APPEALS TO THE FRENCH

Countless celebrities have chosen to leave France to settle across the Atlantic. Jean Reno, Thierry Henry, Arthur, Cecilia Attias, and many others have taken the plunge and headed to the United States. Many of them, like Booba, Céline Dion, Gérard Depardieu, and Michel Sardou, have chosen to settle in Miami. The stars' dream climate, unparalleled living environment, and other advantages are among the reasons behind their choice. Because, whatever anyone says, Miami real estate still appeals to the French.

Miami Real Estate: Celebrity Picks Under the Microscope

But where are the celebrities hiding in Miami? What are the main attractions they choose when they decide to live there or spend a good part of the year? A quick overview is in order:

Before putting her superb Jupiter Island villa up for sale, Céline Dion had a building built in 2010 to accommodate her family. A luxury villa inspired by Bahamian architecture, whose pharaonic dimensions are the stuff of dreams. 10,000 square meters, 5 pavilions on the edge of the Atlantic Ocean, 13 bedrooms, 14 bathrooms, a tennis court, a golf course... A place where the diva came to recharge her batteries after her tours, which found a buyer with an American businessman.

For his part, French rapper Booba lives a quiet life in the United States. In several interviews, he states that he doesn't see many people except his children. The little we know about his Miami home is that it is luxurious, spacious, and well-decorated. 

Star Island also includes Michel Sardou's house, Jphnny Halliday's house, and Gérard Depardieu's condo, which he shared with Carole Bouquet when she was his partner. Star Island is located right next to Fisher Island, a favorite spot for show business stars, including Tom Cruise, Duddley Moore, Drew Barrymore, and Leonardo Di Caprio.

How can we explain the French enthusiasm for Miami?

Tens of thousands of French people choose to live in Miami, sometimes for part of the year, sometimes 365 days a year. Florida is nine hours away from Paris, and despite the distance, investors are banking on Miami as a place to invest their money, either in a primary residence or a second home.

The climate is one of Florida's main attractions, according to French individuals and businesses. The living environment is ideal, the sun shines year-round, and the beaches stretch for miles.

The dollar's exchange rate against the euro also explains the interest in investing in real estate in Miami, of course.

Among the most sought-after neighborhoods is South Beach, with its boutiques, trendy bars, new buildings, and high-end amenities. This is where the French find renovated, modernized villas dating from the 1950s and 1960s, at an average price of €3,904.70 per square meter. Close to the Atlantic Ocean, the Art Deco buildings in this neighborhood are the stuff of dreams, and condominiums are still affordable.

Investors considering purchasing real estate in Miami to rent out for several months each year are opting for well-equipped apartments, which Americans are very fond of. The luxury of these high-end properties doesn't overly affect expenses, and the financial return one can expect remains very attractive.

Additionally, property purchase costs in Miami are affordable, especially compared to France. Miami real estate experts and professionals advise investors to purchase their properties in cash rather than on credit, as mortgage loans are difficult to obtain for foreigners in the land of Uncle Sam. And that's not all: the tax rate is also more attractive than in France!

Miami-Dade County has also seen a sharp increase in the number of investors. At least, that's what Coldwell Banker, the world leader in luxury real estate sales, claims. In 2016, the agency reported a dramatic jump from one sale per month to one sale per week, or even more. From simple vacation buyers, buyers have become potential investors who, after learning about the benefits of investing in Miami real estate, have taken the plunge. Most of them show a clear preference for family homes in Miami's north and northwest neighborhoods, condos located along the Atlantic Ocean. As such, the French now represent 5% of foreign real estate buyers in the United States.

A few figures to finish: Miami real estate prices and cost of living

The French enthusiasm for Miami can be explained by a number of factors. The figures below illustrate the current real estate prices and cost of living in Miami (source: numbeo.com ):

Studio rental in downtown Miami: €1,634.54 / month

Apartment rental in downtown Miami: €3,050.45 / month

Studio rental in the suburbs of Miami: €1,189.78 / month

Apartment rental in the suburbs of Miami: €2,194.48 / month

Real estate purchase in the countryside in Miami: €2,306.57/square meter

Price of a month's charges for accommodation in Miami in 2020: €124.7

ADSL subscription in Miami: €60.37/month

Gym: €42.50/month

Private nursery: €747.25/month

private school (primary): €17,936.70/year