It’s no secret that South Florida’s substantial presence in the current real estate market is attracting attention. Due to foreign buyers and interest, developers are starting ambitious new luxury condo projects in the area.The trend isn’t limited to Brazil alone. According to the Miami Herald, South Florida has become the “nation’s epicenter” for residential sales to foreigners, including other Latin Americans and Europeans.
According to the Miami Association of Realtors, foreign buyers account for more than 65% of all condo and home sales.
A bipartisan proposal has been introduced in the U.S. Senate that would give three-year visas to foreigners who invest in at least $500,000 in residential real estate. Successful passing of this proposal would lead to a dramatic increase in South Florida real estate business.
