International

Latin American buyers heat up Miami market

Developers can't keep up with strong demand from wealthy clientele

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This article by OPP Connect editor Adrian Bishop was originally posted on OPP Connect. Prime property in Miami Beach is fetching up to $50 million, says an international agent. Overseas buyers from Latin America, who are looking for secure investments are most active, says the Engel & Völkers agency. Thanks to rising prices and sales, Engel & Völkers in Miami had a record financial year. The E&V shops in Miami Bal Harbour, Miami Beach, Miami Brickell and Miami Key Biscayne secured sales in 2013 worth $300 million, up 150 percent from 2012. Oliver Ruiz, managing partner at all four shops, explains, “The property market in Florida and in the USA as a whole has recovered considerably from the financial crisis. At the same time, the upturn on the market in Miami has been even faster and stronger than on most other U.S. submarkets.” The most striking sign indicative of the market’s stability in Miami is the consistently high level of international demand, ...