Categorized | Residential

Venezuelans Buying Up Miami Properties

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Miami continues to be the top choice of international investors from South America. Venezuelans have become the latest group of foreign buyers to take interest in residential real estate prices in Miami.

 

Like other international buyers, Venezuelans are attracted to the bargain prices that are still available in the city, and they are paying cash to obtain them. They have purchased a significant number of condos, apartments, and houses in Miami. Many of the wealthiest Venezuelans are looking to the United States for property investment opportunities due to limited options in their native countries. In Venezuela, President Chavez has started to crack down on the domestic housing market, thus eliminating the options available for investors.

 

Venezuelans are not only focusing on just the city of Miami. They have also shown serious interest in various suburbs of the city. Areas such as Doral and Weston have seen their real estate markets experience growth largely due in part to the growing Venezuelan community.

 

The low prices in Miami have attracted more than just Venezuelan investors. International investors from Brazil, Argentina, and Colombia have also been active buyers of investment properties in Miami. Prices in the prime areas of Miami are less than half the price per square foot than they are in their native countries.

 

Wealthy buyers from the mentioned countries are buying homes that sell for more than one million dollars. For many of these investors, the limited investment options in their home country are driving the push to buy Miami properties. Political instability is also a contributing factor, particularly for Venezuelans.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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