Land fever


Brazilians appear to be the dominant buyers of luxury residential properties in Miami and neighboring vicinity, paying prices that may well exceed $1,000 per square foot.

29th July 2014

While the real estate market in the United States is attracting Latin Americans, some American investors are starting to park their money in Latin American cities.
By David Ramírez
Attractive prices, a relatively cheap dollar and favorable prospects are attracting many Latin American investors to the U.S. real estate market. Most of them are looking to invest in Miami, the city that acts as a kind of magnet, given its geographic and cultural proximity to the region, as well as its attraction as a vacation destination.
Many are also motivated to buy in the Sun Capital (as Miami in known in the region,) due to the political situation in their own countries. “When concerns exist, people prefer to diversify their portfolios,” said Francisco Angulo, a real estate agent for Coldwell Banker, as he explained the dynamic activity from Venezuelans and Argentines, who lead among international buyers in South Florida.
While most Latin Americans are investing in the residential segment of the market at prices that range from around $350 to $450 per square foot in Miami, the Brazilians appear to be the dominantbuyers of luxury residential properties in this city and neighboring vicinity, paying prices that may well exceed $1,000 per square foot.
Latin Americans are also investing actively in other latitudes of the United States.
Some are going to New York, which is thought to be “a more stable and secure destination,” according to Benjamin Benalloul, vice-president of Piquet Realty. He …

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