Monday, May 4, 2020

How has COVID-19 affected the world of real estate and its perspectives in Miami?

“Real estate development is the business of evolution”. Bruce Eichner, founder of Continuum Company (Forbes, 2020).


We couldn’t agree more with that statement. It is a reality that the Coronavirus pandemic has changed permanently our way of living and our ways of doing  business. Real estate is (and will keep on) changing, perhaps faster and on a bigger scale than any other field, now that people understand the importance of a space that can serve as a home, as an office, and as a recreation area. In the new normality we will soon approach, many components of this industry are bound to be reinvented. For some, like Eichner, these changes are still not outlined, but for other figures closer to Miami, the path to follow is a bit clearer.

Miami then and Miami now

Dan Kodsi, the developer of Paramount Miami Worldcenter, is well aware of the new paradigm the city is facing. The first thing that comes to mind is the post-COVID-19 focus on health, for owners and investors as much as for everyday personnel. Is this really that much of a change in a world that was already going in that direction? Well, for Miami, it is indeed.


Renowned as one of the largest cosmopolitan destinations around the world, the city’s expression of its architecture is rather extravagant, luxurious, and even pompous, while its focal point regarding practicality is aimed to the shared spaces and community amenities. Right now, those aspects are being outshined (and might even seem risky) by the preservation of a global well-being, that only occurs in self-isolation. Like this, there are many new inputs for the real estate world in the post-coronavirus era, such as the use of materials, automation and virtuality.



A futuristic present


Maybe it is quite difficult to imagine a bigger virtual impact than the one we are already experiencing; however, it will be the main vehicle for the human connection we cannot do without. Moreover, not only the utilization of new, more sustainable materials, but their means of distribution are other major targets in the new upcoming reality. And finally, the key to the new real estate businesses and properties is based on principles of automation: a world with fully contactless systems. Things such as face and iris recognition might seem brought out of a futuristic movie; however, these technologies were already being implemented before the virus outbreak and were only enhanced by it.



COVID-19 has been only an example of how quickly we must be able to adapt to new circumstances. In a world that is changing in such an accelerated pace, it seems that the only way to stay on top of business is to embrace the only matter that is always constant: change itself. Here, at Miami Riches, we are prepared for it. 



Taylor, P. (2020). Real Estate Will Never Be The Same Post Covid-19. Forbes. Retrieved from:

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