Reuters: Cash-rich Latin Americans help resuscitate Miami real estate
Cash-rich Latin Americans help resuscitate Miami real estate
* Venezuelans, Brazilians are top foreign buyers
* Miami is a top U.S. destination for international buyers
* Cash purchases dominate Miami market
By Kevin Gray
MIAMI, Feb 23 (Reuters) – Many Latin Americans have long had a love affair with Miami, but rarely has it been so intense — as least judging by the property market.
Cash-rich Latin Americans, spearheaded by Venezuelans and Brazilians, have led a charge into Miami real estate, helping to spur a recovery in a market that once stood as a poster child of America’s housing bust.
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 second homes. They are cashing in on recent heady economic growth their region, which also weathered the global downturn fairly well.