It seems as if someone is paying close attention to Miami’s real-estate market; Latin Americans. With the increasing property insurance, one would hope that they are equally as enthusiastic about properly protecting themselves in event that a disaster strikes.
According to the Miami Association of Realtors, Venezuelans were the top foreign buyers in 2011 and accounted for 15% of all sales to international buyers, followed closely by Brazilians and Argentines.
Last year, sales of houses and condos in the Miami area rose a record 46% compared with 2010, the association said. Condo prices finally began to rebound in the second half of last year, and December also saw an appreciation in single family homes for the first time since the recession.
At BrickellHouse, more than half of the tower’s 374 units have been sold, with Venezuelans representing around 40% of the buyers. Venezuelans have also helped reinvigorate real estate markets in Miami suburbs like Doral and Weston, home to large Venezuelan expat communities.
‘It’s the Chavez effect,’ said Cleto Puzzi, a Venezuelan who sold an apartment he owned in Spain and bought two in Doral that he now rents. ‘You can’t invest in Venezuela these days,’ he added.
Last year, Chavez introduced legislation that makes it more difficult for landlords to evict delinquent renters, spooking property owners and chilling interest in one of the few investment options in Venezuela.
Other South Americans are turning to Miami real estate as property prices across Latin America have soared. A recent report by Miami based RelatedISG, a real estate sales group, said prices of downtown Miami apartments and condos are cheaper than those at newly built properties in several South American cities…