Miami's Thriving Real Estate Market Attracts International Rainmakers Despite Challenging Conditions

MIAMI—Amidst less-than-ideal market conditions, South Florida’s real estate market continues to flourish, thanks to the unwavering confidence of international investors. Miami, in particular, has become a favored destination for global capital, attracting prominent figures who remain bullish on the city’s potential.

One notable example is Mariano Borges, the CEO and Founder of Menessee International, renowned for his successful real estate ventures in Mexico. After two decades and an impressive portfolio of over 1,500 units in the Riviera Maya, Borges made the decision to immigrate to Miami.

Recently, he finalized the acquisition of a prime parcel in the coveted Brickell financial district for $6 million. With ambitious plans in mind, the Argentinian-born entrepreneur intends to develop the 17,500-square-foot site into a luxurious boutique condominium, with prices starting at $3 million.

While domestic developers express concerns about market headwinds, Borges remains unwavering in his optimism. He cites three key factors that contribute to his positive outlook. Firstly, he highlights manageable inflation, projecting it to reach 5% in 2023, in stark contrast to Argentina’s alarming annual inflation rates of over 100%. Secondly, Borges commends the clear and straightforward regulations and processes in place in the United States, emphasizing that following the prescribed steps ensures a smooth development journey. Lastly, he emphasizes the long-term potential of markets like Miami and South Florida, emphasizing their ever-increasing size and demand.

Borges adds his name to the growing list of international developers who have been captivated by the allure of sunny South Florida. Renowned figures such as Miky Grendene of Casa Tua, Argentine visionary Alan Faena, and Italian entrepreneur Ugo Colombo have all recognized the immense opportunities presented by Miami’s thriving real estate market. As international rainmakers continue to flock to the “magic city,” South Florida’s real estate sector remains a beacon of hope amidst uncertain times.