Cash paying latin american property investors invade florida real estate market

Cash rich Latin Americans, spearheaded by Venezuelans and Brazilians, have led a charge into Miami real estate, helping to spur a recovery in the state’s housing market.

Enticed by what they view as cheap real estate prices and paying in cash, Latin American buyers have snapped up condominiums, apartments and houses as investments or second homes. They are cashing in on recent heady economic growth their region, which also weathered the global downturn fairly well.

The wave of property buying has re-energized Miami real estate developers who are rolling out new projects even as Florida remains among the states hardest hit by the housing collapse. It has also transformed Miami into a top real estate destination for international buyers.

‘Latin America has really helped to breathe new life into our market,’ said Jorge Perez, the chairman and chief executive of Related Group, a leading South Florida developer.

Source: PropertyWire.com