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Tuesday, November 25, 2014

The recent collapse of the U.S. real estate market may have many Americans wary about purchasing a home, but the U.S. foreclosure crisis, and how it affected the economy, is nothing compared to what Argentines have been facing in their own country. The economic and political uncertainty of their home country has led many to look to real estate in America's top cities as the place to keep their money and get a decent return on their investment. Investors from Argentina are far from the first foreign buyers to seek Miami luxury real estate. The National Association of Realtors estimates international buyers will spend $92.2 billion on U.S. homes in 2014. That is up from $66.4 billion in 2011. Foreign buyers went on to spend $82.5 billion in 2012. The number dropped to $68.2 billion in 2013. The trend is based more on foreign economies than on what the U.S. housing market is doing. The appreciation of the British pound and Chinese yuan made properties in the United States affordable to more people from these countries. The rising number of affluent buyers from China, Canada, India, United Kingdom, and Mexico is also contributing to the rising number.

While buyer's from China lead the pack of eager foreign buyers by spending $22 billion of the $92.2 billion total, Miami luxury real estate has a unique appeal to buyers from Argentina. Chinese buyers continue to dominate markets like California, New York, and Washington. For foreign buyers seeking a location heavily influenced by Latin American culture, South Florida is the best bet. And take a gamble is exactly what many Argentines do, according to the New York Times.

“The desperation of the Argentine people has taken over and they are actually market leaders here now,” said Millie Sanchez, executive vice president of development marketing for Douglas Elliman Florida. Sanchez goes on to say, “Any project today in Miami is probably being sold 50 percent to the Argentines.”

Some Argentine buyers are so anxious for Miami luxury real estate that they sign the purchase contracts without every visiting the property. This is for transactions as high as $650,000. The capital outflow from Argentina has rose quickly in recent years. It went from $11.4 billion in 2010 to $21.5 billion by 2012. This has catapulted affluent Argentines past Brazilians as the most active Latin American home buyers in the Miami luxury real estate market. With continued development of condominiums throughout the greater Miami areas and a strong market, there doesn't seem to be any reason for these buyers to look elsewhere anytime soon.

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