According to a recent study, Venezuelans have continued to make their presence felt in Florida's real estate market and topped the list of commercial property buyers when compared to other foreign investors.
Across Florida, the Venezuelan buyers market accounts for 7% of homebuyers, with the majority purchasing high-end properties; the average sale price falls between $200,000 and $299,999. At least one-fifth of these buyers bought property valued at more than $500,000.
According to the National Association of Realtors, the most popular real estate being purchased by Venezuelan investors in Florida is commercial property, which represents around 16%. To put this in perspective, Western Europeans - excluding the UK - account for 6% and other Latin American nationalities also account for 6%. The percentage of Brazilians buying commercial properties is 5%, and Canadians 2%.
The US census revealed that number of Venezuelan-born residents in the areas of Broward and Palm Beach had more than doubled between 1999 and 2011, with estimated figures standing at 12,034 in 1999 and 24,634 in 2011.
Although a significant number of the Venezuelans opening businesses in South Florida have chosen to settle in the area, others have continued to run businesses in their homeland. This is according to Luis David Ramirez, president of the Coral Gables-based Venezuelan American Chamber of Commerce of the United States.
Mr Ramirez said: "The aim is creating a sustainable economic source in the US." This sentiment is echoed by many who consider America, and more specifically Florida, to be an ideal area for sustainable investment in the real estate market and various other business ventures that are predicted to thrive as the economy continues to gain momentum.
