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Latin American Investors in Miami Real Estate: A Shift in Trends

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Latin American Investors in Miami Real Estate: A Shift in Trends

The real estate sector in Miami is facing its worst period in the last decade, even worse than in 2021 during the Covid crisis. Despite Colombians, Argentines, and Brazilians accounting for 36% of home purchases in Miami, it is Venezuelans who are looking to settle permanently in the town in southern Florida. A report from the Miami Association of Realtors shows that 71% of new owners are buying property with the intention of renting it out or using it as a vacation home.

Interestingly, only 10% of Colombians who purchased property in Miami last year plan to use it as their permanent residence, with the majority seeing it as a business opportunity through rental. This is in contrast to Venezuelans, with 49% of buyers dreaming of making Miami their main home.

In 2019, Venezuelans were the largest foreign homebuyers in Miami, but they have since dropped to fourth place in the rankings. Colombians, Argentines, Brazilians, and Mexicans now make up the majority of Latin American investors in the city.

While Colombians may top the list of buyers, Brazilians are the ones spending the most on their properties, with an average purchase price of almost one million dollars. Despite there being 6,200 property sales to foreigners in Miami last year, the sector is still experiencing a significant decline in transactions compared to previous years.

Fort Lauderdale and West Palm Beach are the preferred locations for Latin American buyers in Miami, with most investors choosing these areas for property purchases. And despite fluctuations in the market, it seems that the profile of investors in Miami is unlikely to change significantly, with Colombians still showing the most interest in purchasing real estate in the city. Other Latin American countries like Costa Rica, the Dominican Republic, and Panama are also beginning to make their mark in the Miami real estate market.

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