Market For Miami Properties For Sale Could See Boost From Venezuelans After Chavez’ Re-Election
Tuesday, November 06 2012 @ 09:44 AM MSK
Venezuelans are known to be one of the biggest international property buyers that are active on the market for Miami properties for sale. But the re-election of President Hugo Chavez in October 2012 could very well create a boost in sales across the South Florida region.
Many of today’s Venezuelans choose to purchase Miami properties for sale because of their proximity to Venezuela, especially since a significant number of investors from the nation have already established a good presence within the condominium sector of the property market which indicates the potential for even more economic benefits in the near future.
As of the moment, Venezuelans bring in more than $60 million to the Florida region with around 200,000 of their nationals currently living within the United States with about 44 percent of the investment money going into condominium properties. Single-family homes are the second largest category; however these properties only account for half of what goes into condominiums.
More than 60 percent of the investments that come in from Venezuela go into Miami properties for sale which are usually found within urban city settings.
The overall economy of the Latin American nation has not been doing very well for the past couple of years with insufficient services and excessive violence across the area. Such factors contribute to why so many of their locals choose to leave and seek opportunities within neighboring regions such as South Florida where the increasing number of real estate development project provide property buyers with more options which will be available in the next few years.
While the currently inventory continues to shrink, at least 10,000 new units are now being proposed within the city which include over 70 new condominium towers to increase the total number of Miami properties for sale on the market now that more than 90 percent of all constructions developments during the previous boom have already been purchased.
Many believe that the re-election of President Hugo Chavez will provide a positive contribution to the market as Venezuelans are more likely to consider buying Miami properties for sale in order to avoid the troubles of living in their nation and live in a location that has climate conditions which are very similar to their own. Of course, such remarkable cultural diversity is definitely a plus for Latin Americans who are looking for better life opportunities which is another reason why Miami real estate remains to be a top favorite for people from Latin America.
If you would like to find out more information regarding the trends and opportunities, or if you wish to learn more about the Miami properties for sale that are now being offered on the property market, you may contact a professional real estate agent for further details.