It's no secret that foreign investors are dominating the South Florida real estate market. Brazilians are getting the most attention, buying high-end condos in South Beach and downtown Miami, but new data shows that this is a false perception. According to the Miami Association of Realtors, Venezuelan buyers make up a greater share of the foreign real estate market than those in any other country.
A survey of South Florida realtors in 2010 showed that 28% of their clients came from Venezuela. Why are Venezuelans choosing to buy in Miami? The Venezuelan currency has been devalued in the past year and they are facing an unstable political situation at home. Originally focused on buying in Doral, there are a significant amount of Venezuelan clients moving towards the water in the Brickell and South Beach areas, and who can blame them? The buyers are attracted to the new condos and luxury buildings, and also want to be closer to the business district.