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The Rising Influence of Latin American and Russian Buyers on Miami Real Estate Market

According to a recent study by Amity Realty, cash-rich Latin Americans and Russians have re-energized Miami real estate, helping to stimulate a recovery in the market after the dark days of the downturn.


PRLog (Press Release) - Dec. 18, 2013 - NORTH MIAMI BEACH, Fla. -- At a recent real estate networking event Amity Realty explained how the wave of property buying by foreign investors has  significantly impacted  the Miami Real Estate Market.  According to a recent research, Miami is a top real estate destination for international buyers in the US.

In 2012, 35 percent of all foreign buyers in Florida came from Latin American countries with  the vast majority  purchasing  properties in  South Florida, according to a survey conducted by Florida Realtors. Another strong  group of buyers are the  Russians, who  represent  10 percent of the real estate market in Miami.

In the study Amity Realty discovered that foreign buyers are turning to Miami real estate because, in comparison with major markets in Europe and Brazil, Miami beachfront condos are relatively inexpensive. For instance, prices in Downtown Miami, at around $1000 a square foot [2012], compare favorably to the  best areas in Rio de Janeiro at $2000-3000 a square foot.

Cash-rich Latin American and Russian buyers spur demand in Miami luxury real estate market since they are mostly attracted to high-end oceanfront properties. This in turn has induced Miami real estate developers to change their concept of marketing and financing condos. A pay-as-you-go model, which is widely used in Latin America and Europe, requires buyers to pay up to 80 percent of the property’s final price before construction is completed as opposed to the standard 40% deposit.

“Developers we have spoken with continue to be optimistic about the future of the market”, said Lana Kandeeva, PR Marketing Assistant for Amity Realty.

About Amity Realty: Amity Realty is an international network of real estate professionals in US and Europe with extensive experience in delivering unparalleled real estate service to a discerning clientele. Amity Realty in Sunny Isles Beach consists of passionate team of real estate professionals specializing in luxury waterfront residential and commercial properties in South Florida. For more information or to inquire about properties visit Amity Realty online at www.amityrealtyusa.com (http://www.amityrealtyusa.com/) or contact at info@amityrealtyusa.com

Amity Realty

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Source:Amity Realty
City/Town:North Miami Beach - Florida - United States
Industry:Property, Real Estate
Tags:miami condo, Sunny Isles condo, luxury real estate, oceanfront condo
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