They represent 15 percent of total property purchases, followed by Venezuelans, Canadians and Colombians. The great growth was in 2017.
The Argentinians were the foreigners who invested most in the real estate sector of South Florida in 2017, with 15% of the total purchases of real estate, followed by Venezuelans (11%) and Canadians and Colombians (10% each).
In total, foreign investments totaled $ 7.1 billion in the purchase of homes in counties such as Miami-Dade, Broward or Palm Beach, in southern Florida, which represents a jump of 15% compared to 2016, when they invested US $ 6.2 billion, according to the Association of Real Estate Agents of Miami.
As for the properties that were added, there were a total of 15,400 residential properties , which means an increase of 40% compared to 2016.
“The appetite of foreigners for properties in South Florida only tells a part of the history of Latin American capital that comes to the US,” said Alex Zylberglait, an expert in the sale of commercial properties and offices.
“For some years now, these (Latin American) buyers have also invested money in commercial properties that generate cash flow,” Zylberglait added.
The growth is due to an investment project of US $ 500,000 with creation of jobs allows the investor to access the EB-5 visa, a path to later obtain permanent residency and, eventually, US citizenship, he said.
Experts agreed that ” Venezuelan investors are the ones who are most motivated to get money out of their country due to the political and economic collapse.”
An example of this is the investment made by Venezuelans in the Miami-Dade residential market, where they accounted for 12% of the total foreign investment capital, followed by Argentines and Brazilians (9% each) and Colombians (6%).
This means that Miami-Dade “captured 51% of all residential purchases made by foreigners in South Florida in 2017.”
In Palm Beach , Canadians took the lead with 31% of residential investment followed by Brazilians (15%).
In Broward County , located north of Miami and with Fort Lauderdale as the main city, investment in residential real estate by foreigners was led by Canadians (12%), Argentines (8%) and Brazilians, Colombians and Venezuelans ( 7% each).