According to Miami Association of Realtors, the foreign investment in South Florida climbed up to $7.1 billion dollars in 2017. That is a significant increase of approximately 15% compared to 2016 where the number was only $6.2 billion dollars. Unsurprisingly, most of the foreign buyers are coming from South America. In fact, the political and economic crisis in the area are pushing the wealthy to park their money into a safer environment.
In the Miami-Dade area, the Venezuelans are making up 12% of residential property purchase in areas such as Weston and Doral. The Brazilians and the Argentinians come in second where they captured 9% of property purchase last year. Europeans such as French and Italians makes up 4% and 3% of the foreign investment respectively.
In the Miami Beach area where the real estate market is dynamic, the Apogee condo is closing on its units with the highest number recorded in 3 years. In fact, other properties such as The Continuum North and South are attracting foreign buyers from all over the world like never before.