Cash rich For Latin Americans property

The cash rich Latin Americans, spearheaded by Venezuelans and Brazilians, have led a charge into Miami real estate, helping to spur a recovery in the state’s housing market and the enticed by what they view as cheap real estate prices and paying in cash, Latin American buyers have snapped up condominiums, apartments and houses as investments or 2nd homes to they are cashing in on recent heady economic growth their region to also weathered the global downturn fairly well.

A wave of property buying has re-energized Miami real estate developers who are rolling out new projects even as Florida remains among the states hardest hit to housing collapse to has also transformed Miami into a top real estate destination for international buyers are ‘Latin America has really helped to breathe new life into our market,’ said Jorge Perez in the chairman and chief executive of Related Group, a leading South Florida developer.

And the influx is being led by Venezuelans to like many Latin Americans have historically turned to Miami real estate as a safe haven against political and economic volatility at home to the Miami Association of Realtors, Venezuelans were the top foreign buyers in 2011 and accounted for 15% of all sales to international buyers, followed closely by Brazilians and Argentines.