Trendy beaches, vibrant neighbourhoods, delightful Art Deco and dazzling nightlife are just some of the reasons Miami’s tourism industry remains on top.
As one of the world’s most sought-after vacation spots, Miami has long been a draw for tourists. Its beaches, renowned for their expansive, white-sand coastlines and crystalline waters, are one of Miami’s main charms—and are also a well-known hangout for celebs and socialites.
Explore the sparkling urban resort of South Beach, which has the highest concentration of Art Deco buildings in the world. The up-and-coming neighbourhood of Brickell is a lure for young professionals and a major shopping destination. Little Havana is a spectacular celebration of Cuban culture. Coral Gables encapsulates elegance and has a unique historic charm, with its 1920s Venetian pool and lush botanical gardens.
It comes as no surprise that people continue to flock to Miami to experience the city’s beautiful beaches, elegant neighbourhoods, and vibrant culture and nightlife.
Miami tourism bounces back
In 2021, whilst many travel restrictions remained in place, Miami registered the same number of tourists as in 2019 before the pandemic began. The city saw 15.9 million overnight visitors and an additional 8.3 million day visitors, totalling a whopping 24.2 million visitors over the year.
It was clear from the beginning that Florida’s recovery from the pandemic would greatly outpace other markets.
It received 122 million visitors last year, representing a 54% increase from 2020. Perhaps more telling is that, of all international tourists to the US, around 45% visited Florida.
VisitFlorida recorded 69.34 million visitors in the first half of 2022, reflecting a 20% increase from the same period last year.
Strikingly, Miami hosts 1,641 visitors for every 100 residents. Its average daily room rate is the highest in the nation, and nearly 30% higher than before the pandemic began.
Hotel occupancy and dining have surpassed pre-COVID levels. In fact, Miami came out on top in hotel profit recovery, alongside Dubai. It was the only city to beat 2019 records (with Dubai reaching 95% of its pre-pandemic profits).
Top international visitors to the city come from Brazil, Colombia, Argentina, Canada, the UK, and Germany. Visitors from New York City also contribute more than 500,000 day trips to Greater Miami per year.
Connectivity in Miami
Despite the toils of the pandemic, Miami continues to act as the leading gateway to the US.
Recognised as the “Cruise Capital of the World”, PortMiami is the world’s largest cruise port and unmatched in terms of passenger traffic. New terminals are under construction, including North America’s largest cruise terminal, due to be completed by the end of 2023.
Miami International Airport (MIA) is one of the busiest airports in the world, with over 80 airlines serving 150 destinations across the globe. Recent expansions are already helping to transport a growing number of global travellers. Most recent figures from MIA reveal a total of 2,030,022 international passengers in July 2022, up 42.58% from the previous year.
In 2023, the city will host the World Travel Expo Miami. More than 2,000 representatives from tourism bureaus, airlines, travel agencies and hotel lines with gather to celebrate Miami’s flourishing travel and tourism industry and explore opportunities in the market.
A strong bet for investors
Ultimately Miami is the place to be, and because of this, it is a pretty safe bet for real estate investors. The city’s tourism industry has proved resilient in recent years, after a strong rebound from the pandemic and sustained visitor numbers. Whether you’re looking to buy a rental property, holiday home, or to relocate, Miami’s unique charm and unrivalled opportunities are bound to draw you in.
We have an exciting project within the Miami Worldcenter, one of the US’s largest and most exciting urban developments. Investors can acquire a luxury furnished apartment with hotel-style amenities and unrestricted short-term rentals/personal use. Find out more about 600 Miami Worldcenter.
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