Danny's Blog

Colombian Buyers Remain at the Top

Wednesday, August 24, 2016
Tags:   Danny Hertzberg

Buyers from Latin America have become the number group seeking to invest in South Florida real estate. If we narrow it down to specifics, Colombians come out on top for the seventh consecutive month as the foreigners with the greatest interest in the market according to the Miami Association of Realtors. Colombia was followed closely by Venezuela, Brazil, and Argentina.

Per the study, Colombians buying property in Miami, West Palm Beach, and Fort Lauderdale have come back in full force after coming in third last year, accounting for about ten percent of all foreigner transactions and spending an average of $516,000 on each deal.

Many of these Colombian buyers are seeking properties for their families or to expand upon their business and consist largely of entrepreneurs and professionals from upper middle class families. Because of the weakening of the Colombian peso, property values have gone through the roof for those that earn local currency. Interestingly, South Florida real estate remains the most in-demand in the entire country among South Americans, per research from Realtor.com.

Besides the aforementioned South American countries, the top ten list of foreign countries also included Canada, Span, India, France, the UK., and Philippines.

This update is brought to you by Miami Beach Realtor Danny Hertzberg, specializing in Miami Beach waterfront homes as well as other Miami Beach listings throughout the barrier island. Contact Danny Hertzberg of The Jills, the number one team in the state of Florida by calling 305-505-1950 for information on properties throughout the barrier island.

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