Argentina’s economic troubles could mean trouble for Miami property, one agent has warned.
Argentina is an established player in the US real estate market, with buyers from the country making up 11 per cent of international purchases in Miami last year.
In South Florida, the demand is even more keenly felt, with Sotheby’s pointing out that “many of the buyers are from Argentina, and they’ve been a steady source of sales through much of this latest real estate boom”. Indeed, in 2013, 11 per cent of international buyers came from Argentina.
The latest Standard & Poor’s credit ratign, though, suggests that Argentina could be entering a period of financial trouble, after missing an interest payment. This is the eight time this has happened in the country’s history, but while Miami area “might see some emigration” from those flocking to find sunnier financial waters, Sotheby’s Sunny Isle Beach exper warns that “one also has to consider the number of sales that have been coming from residents of the country over the past few years. The residents of Argentina, thanks to their interest in real estate in the South Florida area, were a huge factor in helping in the recovery from the real estate crash of seven years ago.”
Source: The Movechannel