The fact that President Hugo Chavez was re-elected in October 2012, may serve as a signal for another sharp increase in sales of real estate in Miami, as well as sales throughout South Florida. The fact, that South Florida including Miami, is so close from the Caribbean and South America, the economic impact of the region has always been obvious. The fact that Venezuela is in the vicinity, as well as the fact that the current Venezuelan investors are already active in the development of condominium market, predicts that it has a positive impact on the economy and development of the Miami Real Estate Market.
Venezuelans happy to buy Miami Condos
Currently, more than $ 60 million per month poured into the Miami real estate market by investors from Venezuela. Currently in the U.S. there are more than 200,000 people of Venezuela. According to opinion polls in this population, the fact that Hugo Chavez's re-election for the presidency will lead to further influx of money from Venezuela to South Florida and in the real estate market in Miami ..
Approximately 45% of the total investment of Venezuela in the Miami real estate is spent purchasing condominiums. The next largest category of investment property Venezuelans in Miami, which is almost half the size of investments in condominiums is single family homes.
The biggest benefit Venezuelans from investing in real estate in Florida accounts for Miami Dade County. According to statistics, over 60% of the investments made in real estate in South Florida fell to the Dade County. Most of this investment was spent on the purchase of urban buildings.
One of the reasons that Venezuelans move is not a stable situation in the country. In recent years the economy of the country has a very weak and slow. In this regard, the crime rate has risen to unprecedented levels, which further encourages people to leave the country. Due to the fact that Florida is so close, and Miami Dade is the southernmost major metropolitan areas in the U.S., many Venezuelans opt for this part of the Real Estate Market.
Foreign investors in Miami
Market property for sale in Miami Dade County, and especially Condos Market sector is moving rapidly. At present being considered by the county has more than 10,000 applications for the construction of apartments, as well as more than 70 new buildings.
Miami condo market
was very strengthened and stimulated great interest to him foreign buyers. The condo market in South Florida is huge and many think that the market is full, but today 90% of all Condos built in the time of crisis, now sold out.
Improving economy and the continuing influx of foreign investors, as well as the re-election of Hugo Chavez is a positive factor for the further development of Market condo, which is already showing very good results.
For the reason that so many investment projects are concentrated in urban areas, most likely the new condo buildings will continue to attract new investors and the surprising number of new buildings will meet the demand of investors. Last report of Realtor Association assumes that approximately $ 11,000,000,000 per year will flow into the real estate market from foreign investors.