Between July 2012 and July 2013 , Venezuelans accounted for the largest group of foreign buyers of real estate in Miami, with 14 % of the total. Brazil and Argentina ranked second with 11 % each, while Colombians and Canadians were in third place with 8 % each , according to a study by the Association of Realtors Miami.
After the bursting of the financial bubble in 2008 , returned the boom in the construction of apartments , but this time without being driven by cheap credit from banks, but foreign investors , many Latin Americans say Arian Campo -Flores and Conor Connect Dougherty in The Wall Street Journal.
The value of the numerous vacant buildings and towering condos for several years after the bursting of the housing bubble collapsed almost 60 % from its peak to its lowest , according to the Realtors Association of Miami.
And today, almost all units that were vacant were busy and demand exceeds supply . 118 have been proposed apartment towers to the Miami area , of which 35 are already under construction , says real estate consultancy Condo Vultures LLC .
The 41 buildings proposed for downtown Miami added 12,100 units , a figure well below the 22,200 units built between 2003 and 2008 , during the housing boom .
But anyway a significant upturn when you take into account that the construction in the downtown area of the city was virtually paralyzed until 2011, said the report published in the Spanish edition of The Wall Street Journal.
The developers emphasize that the strong international demand has created a new model of financing in cash , in your opinion, is safer than bank loans that fueled the previous boom .
Normally buyers have to pay at least 50% before closing the business, which means that homeowners lose their money if they abandon the transaction.
Under the new payment system , urban developers rely more on deposits from buyers , and less debt to finance the construction , which , they say, puts projects on a more solid foundation .
In addition , construction firms with less experience left out , since banks have become more strict about the initiatives they fund.