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Latin American fuel for South Florida Market

Real estate market in South Florida experienced its fourth consecutive year of record sales, driven by a continued rise of Latin American investments, according to a report released on Friday by the Miami Association of Realtors.

In Miami-Dade and Broward counties, 68 percent of international buyers come from Latin America, according to the report.  Venezuela topped the list with 16 percent of the sales, followed by Argentina with 12 percent, Brazil at 11 percent and Colombia at 8 percent.  China appeared in the list for the first time, at 2 percent.  The trend shows China’s percentage is currently growing.  To promote business with that country, a group of realtors will attend a luxury properties event in Beijing next month.

Florida leads the national ranking of international operations, with 23 percent of the total, followed by California with 14 percent and Texas, with 12 percent.

Last February, Miami single-family homes price was 7.9 percent higher compared to last year.  As per condo units, the price rose 8.4 percent.   February was the 44th month in a row that price for condo units grew.  As per single-family homes, price grew for 39 months in a row. 

These indicators confirm the positioning of Florida and more specifically of Miami as a new hub of national Real Estate activity. Whether for its cosmopolitan characteristics, its pleasant weather or market conditions, Miami is now an excellent place for an investment.


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