Since the beginning of the pandemic, a boom in the purchase of real estate by Latin Americans has been seen in Miami, United States, but this time they not only seek to protect their money with investments in this sector, they also do it to establish their residence.
The political and economic situation in the region would be the main reason for high-income individuals and families to come to the American city.
According to the National Association of Realtors (NAR), 34% of non-local property buyers are Latin American.
The real estate market is one of the best ways to move your capital from your home countries.
Mexico, Colombia, Peru and Ecuador are the main countries from which interested parties arrive, in that order, according to El País newspaper Sergio Pinto, head of the Waldorf Astoria sales team in Miami, which is developing a project in the coastal city.
Pinto added that they are seeing an important resurgence due to economic and political issues, as there are people who want to “distribute and diversify their investments” in Miami, including in real estate.
The pandemic was a factor that exposed the aforementioned, as well as previous and current social outbreaks. Two themes that have helped the emergence of polarizing, radical or even authoritarian figures. A scenario that generates uncertainty and mistrust in those with high purchasing power.
The founder and director of Ytech -a real estate company-, Yamal Yidios also told El País that Latin Americans are being seen wanting to invest in a second home in Miami, from which they can work remotely.
The climate, low taxes and attractions meant that in 2020 the city welcomed 950 people who moved, both from other parts of the United States and from abroad, according to real estate company International Sales Group.
This company also recalls that the city has gone from being just a tourist destination to having a strong financial district and being a center of technology, entrepreneurship and innovation where “Latin Americans of all socioeconomic levels want to be.” (I)