MIA01. MIAMI (USA), 03/13/2016.- Participants dance during the Carnival on Calle Ocho in the streets of Miami, Florida (United States) today, Sunday, March 3, 2016. Nearly a million people gathered today in Miami’s populous Little Havana neighborhood to celebrate the thirty-ninth edition of the Calle Ocho Carnival and enjoy a diverse array of Latin American food and music. EFE/ALVARO BLANCO
Latinos are considering investing and moving to Miami mainly because of fears of potential capital flight in several of their countries. The last of the nationalities to move is from Colombia. “They are fleeing unrest, persecution or economic instability in their region,” the specialist media confirm.
After Gustavo Petro’s election victory, many Colombians are spending their savings on buying apartments and houses in Miami. Currently, Colombia occupies the second position in the list of purchases in the real estate market in Florida, followed by Argentina.
It is the second foreign nationality to have bought the most homes in South Florida in 2021, accounting for 12 percent of the total.
Latinos in Miami
According to a statement by Fernando Arencibia, chief executive of the real estate union, “Government changes, like the recent one in Colombia, have often prompted greater investment in Miami as global buyers look to put their money in safe places with a history of appreciation. The real estate sector in Miami has shown that with more than ten consecutive years of price increases.”
The real estate agent of the portal Makler, Floralba Núñez, for her part, confirmed to the newspaper Semana that prospective buyers usually belong to an age group between 32 and 40 years. “Almost everyone is looking for a plan B to have an alternative to leaving the country if the need arises. That doesn’t mean they want to leave now,” stresses Núñez.
According to other analysts, the interest of Colombians in residing in Miami is mainly due to the possibilities of mortgage lending with many cheap loans, the proximity, the wide availability of flights and the advantages of residing in a foreign country where the Latino culture prevails.