Miami has long been a premier destination for tourism and business. Today, it has also become a renowned sports venue, hosting events such as Formula 1, Copa America, 2026 FIFA World Cup and hosting Inter Miami CF.
The recent arrival of Lionel Messi has significantly improved Miami’s status in the sporting world, propelling it to a new level of global recognition. This has positively impacted the Miami real estate market in several ways. First, it generated increased economic activity, benefiting the hospitality and retail sectors. According to the Greater Miami Convention & Visitors Bureau, Messi’s arrival could potentially increase tourism by 10 percent, resulting in an estimated $400 million increase in tourism spending.
An aerial view of Miami’s Freedom Park.
Second, Miami is investing in infrastructure as a host city for sporting events. Inter Miami CF’s $1 billion construction of Freedom Park Stadium is expected to create 15,000 new jobs for residents. Third, the Messi effect has strengthened Miami’s international appeal, attracting more foreign investors. Miami’s global visibility has made it a sought-after destination. Florida’s favorable tax status makes the commercial real estate market attractive to domestic and international investors.
Where are the opportunities? The local economy is the first beneficiary. Additionally, the Messi effect could significantly benefit specific areas of Miami. For example, North Bay Village has partnered with the Argentine Football Association (AFA) to develop a complex that will include soccer fields, a new community center, offices, sports facilities and a park. Surrounding areas are already experiencing increased demand.
Additionally, there has been an increasing demand for areas near Miami Freedom Park. Residents recognize the need for additional rental housing and want to invest in multi-family properties. The Copa America in 2024 and the FIFA World Cup in 2026 will likely attract more visitors to Miami, increasing demand for short-term rental properties such as luxury condos and vacation homes.
Fernando Echeverri, CCIM.
The selection of Miami as the host city for the 2026 FIFA World Cup and 2024 Copa America solidifies Miami’s status as an international hotspot, drawing increased attention to its economy and real estate market. According to a study by the Boston Consulting Group (BCG), each host city of the 2026 World Cup could experience additional economic activity, generating a net financial gain of between $90 million and $480 million.
Formula 1 racing has also proven its positive impact on the local economy. A report from Applied Analysis found that since its debut in 2022, the Miami Grand Prix has brought in $798 million to the local economy.
In conclusion, Miami’s emergence as a premier sports destination has not only enhanced its global reputation but also had a tangible impact on its economy and real estate market. As the city continues to attract high-profile events and investment, Miami is poised to maintain its status as a thriving hub for sports, business and leisure for years to come.
Fernando Echeverri is a broker specializing in commercial investment properties and works with Great Properties International in Key Biscayne. fe@kbrealtor.com or call (305) 458-6101.
