South Florida Still An Attractive Market for Foreign Buyers
Florida is an excellent holiday destination. The state offers year-round subtropical climate and a slew of attractions. Recently, however, much of the buzz contributing to the continued popularity of South Florida was from its real estate market.
According to the Miami Association of Realtors, this time of the year is the most popular season for investors. Between January and May of this year, the state has experienced more than a million visits from tourists and potential buyers.
The main draw of Florida, however, is still Miami. The city continues to bring several interested buyers. A majority of them are from Latin America. In fact, Brazilian buyers were considered as the top international investors of Miami homes. They are followed closely by buyers from Canada, Venezuela, Spain, Argentina, France, Columbia, and Italy.
The appeal of the local culture and overall lifestyle proves to be one of the main reasons why Miami continues to be an excellent choice for Brazilian buyers. The thriving condo market has been recently fueled by Brazilian cash. In response, several developers have started to fashion their future projects on the specific requirements of such buyers.
The country’s housing recovery continues to remain sharp and strong despite the recent mortgage jump. Many attribute this to the strong influx of foreign money coming in to the country. According to CoreLogic, for instance, May prices gained a 2.6 percent increase, further displaying the resilience of the housing market. And with summer slowly coming in, prices are only expected to go higher.