Aventura-based ISG World, a luxury real estate sales and marketing firm, will partner with a top Chinese real estate brokerage to market South Florida properties to Asian buyers.
In a news release, ISG said its partner would be Beijing-based Homelink International, which has 60,000 full-time agents in 3,500 offices around China.
As the stream of Latin American buyers that fueled Miami’s residential real estate boom has slowed down, local brokers are turning to other foreign markets to help fill the gap.
China, with a newly wealthy middle class, is on top of the list. While the number of Chinese buyers in South Florida has doubled since 2012, they still make up only a small fraction of the local market. Chinese buyers accounted for about 2 percent of foreign buyers last year, according to the Miami Association of Realtors.
“ISG World has been active in building its relationships with Asian Realtors to market and promote its luxury properties for several years now,” ISG principal Philip Spiegelman, who arranged the deal on a recent trip to China, said in a statement.
ISG focused on marketing Miami real estate in Latin America during the recent boom, opening offices in Bogota, Caracas, Sao Paolo and Buenos Aires.