Foreign Investment in Miami Real Estate; Venezuela tops charts.

Foreign Investment in Miami Real Estate; Venezuela tops charts.

Ranked number one for international buyers and investors, with distressed transactions down 59 percent this year; the Miami market is showing steady signs of increase with South American buyers behind it. 

Since August 2008,  the number of units on the market has shrunk 75 percent. Of the 2012 purchases in Miami More Infoand Miami BeachMore Info, South Americans accounted for 70 percent of the transactions; Western Europeans accounted for 18 percent of total foreign sales. 

Venezuelans account for more international real-estate purchases in Miami than any other group, accounting for 16 percent of all transactions. Second place is Argentineans, 15 percent, and Brazilians rank third at 14 percent, the Miami Association of Realtors reports. The statistics were disclosed at a meeting held Monday, Nov. 5, 2012. 

One catalyst remains; Venezuelans are likely to remain the top buyers of real estate in Miami and Miami Beach. The re-election of President Hugo Chavez and the political situation abroad, is spurring this. 

One of our employees here at Jetset Realty, Regulo, is Venezuelan-American. Having lived in Maracaibo, Venezuela for 24 years, he understands the politics of the country. He comments that, “Venezuelan business needs to be discreet.”  

Miami Realtors also reported the number of listings in October 2012 had increased 67 percent compared to October 2011, and 18 percent compared to the previous month. “Increased pending sales are an indication of increased future sales.”

The Miami Association of Realtors also comments that, “When you compare Miami to other world-class cities and even to markets with fewer amenities and less desirable lifestyles, local properties are quite a bargain.”

The numbers are indicating that rising demand is absorbing inventory more rapidly. 

At Jetset Realty, we have agents fluent in EnglishMore Info, SpanishMore Info and ItalianMore Info. Find your perfect property today. 

Sources:

http://www.miamiherald.com/2012/11/05/3083404/foreign-interest-in-miami-property.html

http://www.miamire.com/news/2012/11/29/demand-for-miami-properties-intensifies-pending-sales-rise-68-percent-in-october