Argentineans are no longer the main real estate investors in Miami

The badociation studied sales from August 2017 to July 2018 and the results showed that even Colombia and Venezuela had made more real estate transactions in Miami than Argentines in 2018.

According to brokers, Miami Dade County remains an attractive destination for international buyers, who account for 65% of the real estate market. Among them, Latin Americans predominate, who continue to trust this city to invest their money. Nevertheless, the Argentineans, affected by the rise of the dollar, largely reduced their interest.

According to the ranking, last year, Brazilians made the largest number of transactions in Miami, or 12%. They were followed by Venezuelans and Colombians, still interested in this market. For its part, Argentina is in fourth place with 8% of transactions in 2018, against 15% the previous year. Behind are Canadians, Mexicans, French, Italians and others.

The Argentineans, who put their interest in buying real estate in this region of Florida, acquired 76% of the properties in Miami-Dade, followed by 18% in the Broward area and 6% in Palm Beach.

In addition, the total value of properties sold to foreigners in Miami increased in 2018 to $ 8,700 million, compared to 2017, when sales amounted to $ 7,100 million.

Condominiums have remained the favorite property of foreigners. However, the number of units sold has fallen to 14,300 in 2018 compared to 2017, where it has sold to some 24,000.

As foreigners tend to buy more expensive properties, the average price of homes and apartments purchased rose from $ 339,300 in 2017 to $ 373,000 last year.

The Miami Realtors Association reported in its previous report that Argentinians were the most likely foreigners to buy properties in South Florida between 2016 and 2017. Brazilians ranked fourth among foreigners with properties in South Florida. region.

Meanwhile, Venezuelans opted for the Miami-Dade region, which won in 2017 as the biggest buyer in the region.

As the report studies, two buyer profiles focus on this market. On the one hand, those who reside outside the United States and who buy the house as an investment or vacation. On the other hand, immigrants who have been in the country for less than two years at the time of purchase or those who have a visa that has allowed them to reside in the United States for more than six months for professional, educational or other reasons.