Venezuelan Investors Targeting Miami

MIAMI—Over the past 10 years, there has been plenty of fluctuation in the global economy. Of course, one of the biggest contributors was financial meltdown of 2008 and the subsequent real estate market collapse. They called it the Great Recession.

Deme Mekras, a multifamily broker with Franklin Street, is one of many that's pointing to the continued flow of foreign capital that's coming to the U.S. since then. Indeed, South Florida has seen billions of investment dollars settle in the region, including a significant deal via Swire's Brickell CityCentre.

“The prognosis for South Florida in the short-, mid-, and long-term is excellent, especially when viewed next to other major markets of the U.S. and the world,” Mekras tells GlobeSt.com. “One could argue even at post-recovery prices, Miami is undervalued and almost any of its product type offers lower prices compared to other major markets such as New York, Los Angeles, Chicago, London, Toronto, Sydney, Buenos Aires, and more.”

News headlines show that Canada, Brazil, Venezuela, Colombia, Argentina, and Italy are among the nations investing heavily in U.S. real estate. Mekras points out that some foreign investors are flocking stateside due to their own unstable economic structure and the safety of the U.S. economy. Others, he notes, are investing because the value they seek is not available in their homeland.  

“Venezuela, having suffered from an increasingly nationalized system for many years, is a perfect example of dynamic foreign investment,” he says. “Venezuelan investors have become a staple of the local real estate buying community.”