From left: renderings of Genting's Resorts World Miami and Swire Group's Brickell CitiCentre
While it garners an overwhelming share of the coverage, Latin America isn’t the only foreign region betting heavily on Miami real estate. As Seeking Alpha noted, Asian investors – led by Malaysian-based Genting – are now focusing on the city.
Asian companies like Miami because of the rapid growth of its tourism industry, Seeking Alpha said. In 2010 it hosted a record 12.6 million people, and the city is expected to draw more than 17 million in the near future. That growth supports businesses throughout the city and compelled Swire Pacific to plan for a $700 million Brickell CitiCentre, a retail, office, hotel and condominium project.
In 2011, Miami attracted $471.5 million in foreign commercial real estate investment, compared to $142 million and $120.3 million for Palm Beach and Broward counties, respectively, and $205 million for all non-South Florida counties combined.
Thanks to Genting, $252.3 million of the $951.2 million of foreign investment in Florida’s commercial real estate market came from Malaysia, the most of any foreign country.
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