Turkish Buyers Paid Record-Breaking $8.6 Million For Biscayne Beach Penthouse

Real estate investors from Turkey have been flocking to Miami recently, according to the WSJ.

Some evidence includes:

  • A Turkish buyer paid $8.6 million for the two-story penthouse at Biscayne Beach, believed to be the most expensive unit ever sold in Edgewater
  • Three units at the Ritz Carlton Residences Sunny Isles Beach sold to Turkish buyers earlier this year, at about $4 million each
  • 5% of pre-construction inventory in Miami is now being sold to Turks, developers told the paper
  • One real estate agent estimates 10,000 Turks live in Miami, with some interested in Eb-5 visas
  • A new Turkish consulate opened in Brickell last year, and Turkish Airlines added nonstop flights