Latin americans investing big in miami property

Latin Americans are investing big in Miami property, according to Engel & Völkers.

The agent reports that the most exclusive prime beachfront homes in Miami Beach are fetching up to $50 million from buyers - and those from South America are at the front of the queue.

Engel and Volkers attributes the rising demand for Latin America to the need for secure investments overseas, which is fuelling prime property prices up by 25 per cent in the last 12 months.

Oliver Ruiz, Managing Partner, writes on the agent's site: "The property market in Florida and in the USA as a whole has recovered considerably from the financial crisis. At the same time, the upturn on the market in Miami has been even faster and stronger than on most other US submarkets.

"For many South American buyers, the main motivation for purchasing real estate in the USA is their intent to make a secure investment. The stable political and economic climate in the country makes it an appealing location for investments. Miami attracts especially strong interest here, acting as a hub between South and North America."