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Recently, a lot of buyers from South America have been swooned by the many opportunities that the Miami real estate market has to offer. This is no coincidence. Foreign buyers have contributed to a huge part of the real estate boom. In fact, in 2010 foreign buyers spent $4.4 billion on South Florida real estate. This number nearly doubled in 2018, when foreign buyers spent $8.7 billion on real estate in the area.
Because of the Covid-19 pandemic, the number of Latin American investors diminished. This, however, did not slow the market since US based buyers began relocating. However, right now the South American investors are back, and there are some reasons that have contributed to this.
In a lot of Latin American countries, the vaccine rollout is not as good as it is here in the states. Because of this, a lot of people from South America have come to the United States to get the vaccine. Many of these visitors have seen the potential of the Miami real estate market and have decided to invest.
Another reason why many Latin American investors are back is because of political volatility in their countries. Individuals with the means of investing in the United States have taken this opportunity as a safe place to invest their money and relocate their families should they need to.
Finally, another reason why South Americans are back is because of the American Dream. Although this is not possible for everyone, since Miami is becoming a hot tech and business hub, many people have been able to relocate to the area.
Continue reading: https://www.miamiherald.com/news/business/real-estate-news/article252430608.html
Interested in the Miami real estate market?
AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in Miami we are here to guide you through every step of the way. From mortgage applications, to finding your dream home and closing the deal.
Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).
