June 28, 2016
Colombia has officially replaced Brazil as the top foreign country searching for property in South Florida. In April, Colombia registered the most searches for South Florida real estate for the fifth straight month. Prior to this, Brazil led the rankings for 13 consecutive months through June 2015. Since then, they have fluctuated between the top 2 positions, before landing at number 5 in the most recent report.
Colombians view Miami and the rest of South Florida as smart places to invest in real estate. It is only a 3-hour flight from Bogota, and Colombian interest in the area only seems to be growing. Not only do Colombians search for South Florida real estate, they also buy - tying with Argentina in the third place spot for the largest group of foreign home buyers in South Florida. Venezuela topped that list, accounting for 13 percent of all foreign transactions.
Between September 2014 and August 2015, international buyers purchased 6.1 billion dollars worth of real estate in South Florida. While economic turmoil in South America is frequently cited as having a signficant impact on the current state of the Miami real estate market, the Colombian economy has performed above many economists' expectations. At this time, the economic issues causing some of the Miami market downturn are seemingly beginning to ebb, and the comparative stability of the U.S. economy has helped make Miami a safe haven for South American investors, especially in real estate. This even further makes now an ideal time to invest in South Florida real estate.
To take advantage of the current market and purchase real estate in South Florida, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422.
Source: Curbed
