For the third year in a row, the streets of Miami will be the epicenter of one of the most spectacular sporting events in the world: Formula 1. Between Friday 3 and Sunday 5 May 2024, the Capital of the Sun will once again welcome thousands of fans of the Big Top of motorsport, attracted by the possibility of seeing up close figures such as Max Verstappen (the current world champion), Lewis Hamilton (seven-time winner of the competition, the greatest winner in history) or the Mexican Sergio Checo Pérez. In addition, this is an ideal occasion for those interested to take advantage of their visit and explore investment opportunities in real estate projects in Miami.

If you want to know more about this event and about the effect that this competition has on the dynamics of the economy and the real estate market in Miami, this information will be of interest to you, much more so if you have among your plans the interest of invest in Miami in the coming months or years, and you want us to join you from PFS Realty to fulfill that purpose.

Proyectos inmobiliarios en Miami y la Fórmula 1: una oportunidad

Miami and the sport have a very close bond that dates back many years. Miami-Dade County is home to teams belonging to the country’s top professional competitions, such as the Dolphins, in the NFL (American football); the Heat, of the NBA (basketball), or Inter Miami, in the MLS (soccer), which places it as one of the regions that vibrates the most with these activities.

Now, with the organization of Formula 1 in Miami since 2022, the city and its inhabitants have benefited in different areas, which we review below:

Auge económico gracias a la Fórmula 1

The 2022 edition of Formula 1 in Miami left the city with an economic spill of close to USD 350 million, represented in hotel reservations, advertising revenue, restaurant expenses and commerce, among other concepts (La República, 2023). This scenario was repeated in 2023 and is projected to be maintained and even increased for the 2024 season, given that the Big Top of motorsport has been growing in fans around the world.

It is estimated that each person who visits the city on the occasion of this event spends about USD 1,940 before, during and after the competition, double what a tourist invests on ordinary days. This is an economic attraction that many merchants and entrepreneurs are keen to take advantage of.

Promoción de la imagen internacional de Miami

For a whole week, Miami is the focus of the attention of millions of spectators around the world, who are watching the development of the Formula 1 race. In 2021, the global viewership that was recorded throughout the season reached 1,550 million, 4% more than in 2020 (Motosports, 2022).

In addition, the event is attended in person by almost 300 thousand people, which has been the average number of spectators who have attended the live race in the previous two years.

Proyectos inmobiliarios en Miami: efectos en el mercado local

The organization of Formula 1 in the Capital of the Sun generates an important dynamic in the real estate market, given that this is an annual event, increasing the demand for real estate projects in Miami that are located in Miami Gardens, the sector where the racetrack is located, and in areas such as Hollywood, Miramar, Sunny Isles Beach, North Bay Village, among others.

This increase in demand also influences the behavior of sales and rental prices, which tend to rise around the time of the race, thus generating a positive effect for real estate investors.

Oportunidades de inversión específica en Miami

The organization of Formula 1 in the city has been an ideal excuse for the development of new real estate projects in Miami, as a response to the massive presence of the public interested in investing in houses and apartments for rent and purchase, and in general in the city’s real estate market, which is world-class.

In addition, the event serves as a pretext for investors to explore real estate investment strategies in the short and medium term, in order to capitalize on the realization of this race on an annual basis.

F1 has long analysed what could be the best circuit for the Formula 1 holding in Miami. In the end, the decision was made to tour the circuit around Hard Rock Stadium, with the stadium as the centerpiece. This circuit is made up as follows:

  • 19 curves
  • 5.41 km total
  • 3 potential DRS (Drag Reduction System) zones
  • 3 straight zones to increase adrenaline
  • 320 km/h maximum speed

Según el sitio web oficial de Fórmula 1, el circuito por donde se corre la competencia es “el primer circuito diseñado por y con el apoyo de la Fórmula 1. Será una pista dinámica y fluida que ofrecerá los últimos autos de 2022 para ser puestos a prueba” (Fórmula 1, 2022).

Event dates and requirements

Formula 1 in Miami for 2024 will have its opening date on Friday, May 3, running throughout the weekend, until Sunday, May 5, 2024. If your interests include sightseeing, taking advantage of real estate projects in Miami, traveling to Disney or being in the front row for the most important event of the year, these are the steps you should follow.

How to get there?

If you’re traveling from abroad, your arrival point will be Miami International Airport (MIA). From there, you can take a taxi or rideshare vehicle to your accommodation in Miami. Once you’ve delivered your bags, your next destination is the International Autodrome in Miami Gardens.

In case you are going to tour the city and explore investment possibilities in Real Estate Projects in Miami, we recommend renting a car or taking advantage of the Public transportation in Miami, which although concentrated in some sectors, covers areas such as Downtown, Palm Beach, Fort Lauderdale, among others.

How much does a ticket cost and where do I get it?

The cost of tickets for the F1 Grand Prix may vary depending on location. However, the average one-day ticket usually costs around USD $400. Also, you can find tickets for as little as USD $257 on some official ticketing websites and special VIP packages or three-day passes.

Formula 1 in Miami promises to be one of the most important circuits of the season. For no reason should you miss out, enjoy the sun and the beaches in a space that promises great emotions, and if during your visit you want to take advantage and find attractive investment options in Real Estate Projects in Miami, at PFS Realty we are available to accompany you on a tour and explore the alternatives that best suit your interests. Contact us, we are at your service!

Bibliographic references

Baldwin, A. (2021, April 18). F1 agrees ‘milestone’ 10-year race deal with Miami. Reuters.

Deen, S. (2021, April 18). Formula One announces 10-year deal for Miami Grand Prix at Hard Rock Stadium. Sun Sentinel.

F1 Miami. (n.d.). Miami International Autodrome.

Roitberg, G. (2022, March 28). Formula 1: Miami prepares a lavish circuit to welcome the top category. The Nation.

The Republic (2023). The millionaire figures that will move around the F1 Miami Grand Prix

GP Blog (2023). Formula 1 bigger than ever in the United States

Motosport (2022). F1 reveals the incredible audiences and numbers of the 2021 world championship