Flourishing Miamian Real Estate Market

The sudden uprising of real estate market in Miami has compelled savvy realtors to hunt down the probable causes for it. One of the most vehement and contributing reason in this regard was foreign investment. One more feature has recently been tracked by the realtors. It seems, political instability in Latin America, is compelling Venezuelans to look for safe shelters for their assets in Miami.

This has also contradicted the earlier reports of Brazilians being the highest buyers of Miami properties. It was estimated that Venezuela stands tall in comparison to Brazil in buying Miami properties.

Particularly during the reign of Hugo Chavez in 1998, when affluent Venezuelans were tyrants, politics started getting unstable. And since then, people started looking for peaceful locations. Moreover, the tyranny also continued after the death of Chavez when Nicolas Maduro took over the office.

And what does this imply? Miami is another global location which is sought by the affluent investors. According to the Florida Association of Realtors, the influx of buyers, combined with the economic recovery in the U.S., has created a dramatic turnaround in Miami’s housing market. Sales of single-family homes in Miami climbed 10.3% during the first three months of 2013 compared with 12 months earlier and prices jumped 23%.

“The city is filled with youth, with life, with music. The main difference now, is that the South Americans are not just parking their assets here, they’re parking their families as well.” said Alan Ojeda, a local developer and founder of Rilea Group who’s building a 44-story condo in downtown Miami.

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