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AAA: Venezuelans flock to invest in Miami real estate
The real estate market in Florida is booming in response to major demand from cash-rich alternative investors from Latin America, according to alternative investment advocacy group, AAA.
AAA has responded to a report in propertywire.com, which shows that investors from Venezuela have been buying up property in Miami in droves. The Miami Association of Realtors claim that 15 per cent of all international property sales in Miami last year were to people from Venezuela, who have cash to spend and are eager to get their hands on lucrative and tangible investments.
Despite the ongoing slump in the US economy and, indeed, the Florida housing market, developers have started working again to feed the demand from the rich Latin Americans looking to buy bricks and mortar in the US state.
Jorge Perez from one of the leading developers in the region, Related Group, told Propertywire.com, “Latin America has really helped to breathe new life into our market.”
The trend for Venezuelans investing in the US housing market is thought to stem from the concerns they have about a possible forthcoming crackdown on such investments at home from leftist President Huge Chavez.
“The US housing market is the winner in this scenario,” explained AAA’s analysis partner, Anthony Johnson. He added, “It’s not difficult to see why the investors are putting their cash into real estate at a time when the equity markets are far less attractive, along with several other forms of traditional investment.”
However, AAA was keen to point out that there are some investment schemes that are even closer to home, such as the forestry plantation investment schemes run by Greenwood Management in Brazil. Brazil, like Venezuela, has seen an improvement in its fortunes in recent years. As a result, the demand for charcoal or the growing steel industry is enormous and lucrative for those invested in non-native sustainable plantations.
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The remit of Alternative Asset Analysis is to analyse and provide news on the global performance of a wide range of alternative asset classes including, but not restricted to, commodities, real estate, forestry, foreign exchange, hedge funds, private equity and venture capital.
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