AgentMarkets & Economy

Miami foreign investment from South Americans on the rise

  • Miami is a favorite spot for foreign investors in real estate.
  • The list of countries in South America especially where buyers come from is lengthy.
  • The influx has not significantly helped lower-wage Miamians.

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South American investors are continuing their love affair with Miami. Economic insecurity is just one reason why investments in the U.S. are considered the best way to keep money safe. And, foreign investors have that in spades. Add to that the physical safety factor, and no state income tax. Those thing help Miami beats other large metros where the well-off expats usually land. Many of them, too, are plunking down cash for those purchases. So much so, that the U.S. government has begun to put in place higher hurdles for cash buyers in places where they have a significant market presence. The list of countries where buyers come from is lengthy. Argentinians, Brazilians, Colombians, Mexicans, Venezuelans and even French and Turks love to hop a direct flight to Miami and part with a pile of cash. The Miami of today is radically transformed due to this largesse. Once a retiree-fueled haven, now Miami exudes a completely different vibe. As reported by the Associated P...