Miami real estate news and information

Venezuelans Eyeing CONDOS in Miami

Venezuelan buyers are increasingly interested in Miami … and in particular in areas such as Miami Beach and  Brickell… near the water.  

66% of all Florida property acquisitions right now by Venezuelans are in the Miami, Miami Beach and Fort Lauderdale areas.

Almost 2/3 of Venezuelan investors buy condos, as opposed to single family homes …  

And they tend to buy  high-end property  (very building-specific … with a preference for modern highrise construction) … The Icon on Brickell is a good example…  offering  an uber-modern ambiance …  amenities and  pampering (on a grandiose scale) … and in a rather unique fairytale setting …  with open air views out over  Biscayne Bay and a seemingly endless  larger than Olympic sized pool…  and a Brickell addess with easy access to both Miami Beach and Miami International Airport.

According to the NAR the median price Venezuelan buyers paid in 2011 was $258,300 with 12% of buyers buying homes priced over a million dollars… with 88% of Venezuelans buying in cash.  Over 1/3 of the homes and condos purchased by Venezuelans were bought for personal use, with the intention of being owner occupied for 3-6 months a year.

And the statistics that apply to other foreign nationals show that the vast majority of international investors coming to Miami are buying in cash.  


To receive my blog posts directly to your inbox, click here to subscribe.