Residential developers in Miami report that parents of international students attending American colleges are increasingly purchasing luxury condos to house their children, according to The Real Deal.

The Institute of International Education’s 2016 Open Doors Report saw the number of international students enrolled in the U.S. increased by 7.1 percent for the 2015-2016 academic year, accounting for 69,000 more international students than the previous year. Of these students, many find housing in luxury condos, per Mansion Global.

Developers say families opt for luxury condos so that international students can live in them and parents can stay in them while visiting their children. Mansion Global also reports that clients who come from parts of the Middle East see U.S. real estate as a reliable investment. And while some luxury properties may not rent to undergraduates, students are permitted to live there if a family member owns the unit.

Global City Development

In Miami, brokers report that the majority of residents at Brickell City Centre — which draws students enrolled at University of Miami, Florida International University, and Miami-Dade Community College— come from Latin American countries. Their families typically purchase one- or two-bedroom units with prices starting at $650,000, according to The Real Deal. Prices max out at about $1.5 million.

Developers are banking on this trend to continue. Miami-based Global City Development revealed plans last month for University Bridge Residences, a luxury condo tower near FIU offering 429 units with seamless access to campus.

Aimed at the student and international student population, University Bridge units range in price from $190,000 to the upper $600,000s. Floor plans range from 317 to 1,634 square feet with most in the 300- to 600-square-foot range.