Venezuela leads Latin real estate splurge
Written by Samantha Joseph on October 9, 2013
The latest industry report reiterates what top residential realty brokers have been saying: Latin American buyers are essential to the local market.
Florida Realtors’ “2013 Profile of International Home Buyers in Florida” states 69% of international buyers in Miami are from Latin America or the Caribbean.
“They are major players,” said Lynda Fernandez, senior vice president of public relations for the Miami Association of Realtors.
Of the top six international markets for Miami-Dade residential realty, five are Latin American, she said.
Venezuela, which accounts for 22% of international buyers, leads the list. Argentina follows with 11%, then Brazil with 10% and Peru 9%. Canada and Colombia tie for fifth place with 6%.
The Miami-Miami Beach metropolitan area is the top destination in Florida for international realty buyers, according to the statewide report compiled during July and August and covering the previous 12 months.
Venezuelan buyers were especially drawn to the area. Their purchases, realtors said, were almost evenly split between single-family detached houses and condominiums or apartments, while about 6% bought commercial property.
Many chose property in central city or urban areas, as well as resort areas, according to the report, and the majority bought for rental or investment purposes, with fewer than 10% wanting vacation homes.
They paid median rates between $300,000 and $399,000, according to the report. About 33% of buyers bought homes worth more than $500,000. The mean price was $493,500.
Their investment was a significant driver in the local economy, market watchers say.
“Latin Americans real estate buyers were crucial in the market recovery and now continue to strengthen the vibrant Miami real estate market,” Ms. Fernandez said.