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Tel: +1 (905) 415-9267 or +350 200 400 48

Latin Americans account for one-third of developer projects

11th Mar, 2013back

368 Over 80 plans have been announced for new residential projects in South Florida, with Latin American developers being behind nearly one-third of these, according to Peter Zalewski.


The Miami real estate market has seen a surprising increase in the number of developers coming from Latin America, which is said to have contributed to the unexpected turnaround of the area once renowned for its spectacular real estate market crash.


South Florida's property market has long been a hotspot for wealthy Latin American buyers; however, this has more recently been boosted by developers coming from Argentina, Mexico, Brazil and Venezuela, all of whom are intending to take advantage of the Latin American buyers who are looking for a stable investment with the prospect of extra income through rentals.


Peter Zalewski, principal of real estate consultancy Condo Vultures, commented on the latest revelations, saying: "I've never seen them with the kind of clout they are carrying right now in construction and development. It really is a coming of age period".


In a recent report from Christie's International Real Estate, Miami was listed as the eighth most luxurious real estate market worldwide.  As some of the Latin American projects in the pipeline are among Miami's most ambitious to date, the developments are set to reaffirm Miami as a highly regarded investment destination.


It is believed that recent drops in currency values in Argentina, Brazil and Venezuela, along with the significant increase in property prices in Latin America, have been the driving force behind this resurgence of interest in Florida's real estate market.


The ever-expanding interest in the American real estate market coming from overseas investors has undoubtedly spurred on the market recovery currently underway across the nation.