Photo: RHONA WISE / / AFP / Getty Images
Latin American immigration to the city of Miami has experienced a significant increase since the beginning of the pandemic , and this has also led to an increase in Latino investors, with purchasing power, in this South Florida city.
In addition to the pandemic, the political factor in certain countries has caused Latin Americans to invade the Miami real estate market . The inhabitants with more purchasing power in Latin America have taken their money from their countries and have bought luxury properties in Miami.
And it is not of a new wave of investors, it is a “investment in your new place of residence.” According to the National Association of Realtors (NAR) of the United States, the 34% of the foreign buyers come from Latin America.
Buying properties is a viable way to get the capital out of their countries, experts explain, although it is It is difficult to calculate the exact capital outflow from Latin America to the United States, banks report that they are constantly opening accounts to foreigners.
In this sense, to Sergio Pinto, from the Waldorf Astoria sales team in Miami, assures that there is “an important resurgence of the Latin American market” . Countries like Mexico, Peru, Colombia and Ecuador are the strongest markets for this real estate group. There is talk of a 16% in purchases of the luxury building of Waldorf , for example.
“As a consequence of economic and politicians from each country in particular, decide to distribute and diversify their investments and want to bring some of those investments to Miami. Among those is the real estate ”, says Pinto de Waldorf.
On the other hand, the pandemic highlighted how little prepared some countries are for this type of crisis: the precariousness of health systems and the slowness in accessing Vaccines were decisive for some Latin Americans to move to the United States, Miami mainly.
“Miami is benefiting from the decentralization that caused the pandemic and that has acted as a catalyst for one of the largest increases in immigration of Latin Americans to the city ”, says Yamal Yidios, director and founder of the real estate firm Ytech.
According to real estate statistics, wealthy Latin Americans have chosen Miami to invest and have a second home from where to work during the pandemic.
The numbers of Latinos who traveled to Miami to get vaccinated and understood that they could stay and work are high. The real estate firm International Sales Group has statistics that the city of Miami received 950 new daily residents during 2020.
And one of the explanations that this happens with Miami, is primarily due to its warm climate and low tax rates, compared to other cities in the United States.
“The city has evolved from being a financial and vacation district to one of the most important centers of technology, entrepreneurship and innovation where Latin Americans of all socioeconomic levels want to be. ”
Another factor has been that Miami has become an important center of the financial market for cryptocurrencies, and Latin Americans are buying properties in cryptocurrencies, says Merrick Theobald of the platform BitPay payment ma. In this sense, l Miami local authorities have shown full support for the cryptocurrency market and its use to be installed in that city.
You may also like: Know the different ways to buy a house without having a lot of money