Real estate developers from Latin America have been showing a great deal of interest in the revival of the housing market scene in Miami. One such developer from Argentina, Jose Luis Melo, is an example of not being deterred when the real estate market stumbled as a result of the housing crash in the United States of America. This was the time when thousands of the condominiums in Miami remained vacant and sat unsold. He went on with the confidence and started to build more.
This is an incident that happened four years ago and Melo now manages the Melo Group Real Estate Company in Miami and he has purchased along with his sons a plot of land near Miami downtown area that amounts to over one and a quarter million dollars.
Melo’s Construction Group was one of the pioneers that got the cranes into action in Miami in the post-housing bubble period without the fear of finding buyers for its first project which was a seventeen-storey condominium tower. Real estate experts may have thought the Latin American groups to be a little mad or obsessive about Miami’s real estate condition but the Melo’s Construction Group proved all these pundits wrong by managing to sell over a hundred condominiums from their tower in a matter of only five months.
These condominiums were eagerly bought by many Latin Americans who were wealthy and cash-rich. They flocked over to Miami to give a boost that accounted partially for the revival and the bouncing back of the real estate and this sign of faith from the Latin Americans played a very important part in the revival of the housing market all over the United States of America.
Many affluent Latin Americans have invested strongly in the properties in South Florida. You will come across an increasing number of real estate developers From Venezuela, Argentina, Brazil and Mexico who are keen in meeting the demand from Latin Americans who are seeking stable housing units to invest their money in and to make profit through rental income.
After four years of this resurgence, the property prices have gone up and sales are increasing by the day. The real estate market in South Florida is alive and kicking with more than eighty new residential projects that have been announced. The interesting bit of information is that out of these projects, almost one third of them are involving Latin American real estate developers.
These developers are taking advantage of the views held by most Latin American investors that Miami is right now a safe haven for parking their money in its real estate. They have more faith in Miami than in their own country’s economic and political stability and volatility. Miami has become a popular vacation and shopping destination for many investors and the city has got a Latin flavor to it already as Spanish is widely spoken in it. Another major factor that is driving these Latin American investors into Miami housing is the local currency devaluation that has happened recently in places like Venezuela, Argentina and Brazil.