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 , 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/