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Miami Real Estate: How Foreign Buyers And The Rental Markets Are Keeping The Local Housing Sector Afloat
Long viewed as the financial and transportation gateway between the US and Latin America, the city of Miami has long attracted a significant number of international investments. However, in recent years, more investors awash with cash from economic growth in Latin America have arrived to invest in the city’s soaring property values. The South Florida region has long been considered as the destination of choice for Europeans, and many investment portfolio managers from overseas have also viewed the city’ beachfront property as a bargain even at current prices, in comparison to soaring property values in Europe, and the advent of a strong euro against a weak dollar. Foreign Investment Eats Up A Large Share Of Real Estate Purchases Here Based on data provided by the National Association of Realtors, foreign buyers and investors now accounts for around 15 percent of all home sales in Florida, and the number is estimated to be much higher in Miami. Much of this foreign investment goes into mixed-use developments that combine high-rise residential condo units mixed with commercial spaces for offices, retail outlets, and hotels. Although these days, some state-based financial institutions have temporarily halted financing of new condominium projects here, larger national and international ... more

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