Venezuelans Taking Over as Miami’s Biggest Foreign Real Estate Buyers

by Isaac Benmergui, Esq on November 26, 2012

Venezuelans may be displacing their Brazilian counterparts as Miami’s biggest foreign international real estate buyers. Brazilians still have a thriving economy, which enables their buying power in the Miami market to remain strong, but Venezuelans are catching up.

Following the reelection of Hugo Chavez, many Venezuelans have chosen to flee their country for sunny beaches of South Florida. Shortly after the election, Miami realtors and attorneys saw a growth in business from Venezuelans looking to invest or buy property in South Florida, according to the Miami Herald.

According to the Greater Miami Convention & Visitors Bureau, Brazilians ranked in total expenditures as Miami-Dade’s largest international market with $1.3 billion; Venezuela ranked seventh with $517.6 million in total expenditures in 2011.

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