For months, I’ve been telling you about how much of an impact Brazilians investors have been making on the South Florida real estate market.
Now, according to a recent article, it appears that there’s another Latin American country that has taken over as a lead investor of South Florida real estate: Argentinians. This recent trend is expected to have quite a positive impact on our local housing market!
South Florida Homes for Sale
According to the recent article in the New York Times, the value of local currency has created the most recent trend on the South Florida real estate market.
The value of Brazil’s currency (the real) has been weakening against the dollar in recent months.
Meanwhile, as Argentina’s peso has also weakened and inflation has increased to 25 percent, upper-class Argentinians are deciding to invest their money in American real estate instead.
Here’s this recent trend at a glance:
- Capital outflow from Argentina increased from $11.4 billion to $21.5 billion between 2010 and 2011.
- At Opera Tower on North Bayshore Drive, half of the 30 apartments that have sold in the past month were to Argentines.
- Many of those purchases were all-cash.
- Since Opera Tower started selling condos again about six months ago, 90 of the remaining 394 units have gone under contract and most of the investors were Argentinians.
And according to the article, another group of Latin Americans may be increasingly investing in the South Florida real estate market soon: Venezuelans.
Evidently, concern over the outcome of the upcoming Oct. 7 elections has lead many Venezuelans to want to invest their money in the American real estate market – particularly in South Florida and New York.
Your South Florida Real Estate Expert
As I’ve often noted, the South Florida real estate market is a popular place for Latin Americans to invest their money.
These investments have profound effects on the overall health of the local housing market.
Thus, I’ll keep you posted as more develops on this recent real estate trend.
It will be my pleasure to help you with all of your home selling needs as well as provide you with such helpful tools as:
Until next time,