Foreign Real Estate Investment in South Florida Booming; Positive Trend Expected to Continue Through 2012
“We’re seeing huge foreign investment in Miami-Dade and Broward counties. I fully expect this trend to continue and move northward into Palm Beach County.” – Attorney Marlyn Wiener
BOCA RATON, Fla. (December 27, 2011) – Foreign investors are flocking to South Florida to buy real estate and businesses, and the trend is expected to continue through 2012, a prominent area attorney says.
The trend can be seen in fresh data released by the Miami Association of Realtors, which recently surveyed the top 10 markets for international real estate buyers in Greater Miami. Venezuela is in the top spot, followed by Brazil, Argentina, Canada, Colombia, Mexico, France, Italy, Spain and the United Kingdom.
Florida has led the nation for three years in international real estate transactions, accounting for nearly one-third of the total in 2011, the Realtors said. Of those Florida deals, 30 percent took place in the Miami-Miami Beach-Fort Lauderdale market, and were worth $8.1 billion.
“Foreign investors have been pursuing real estate in greater numbers, especially in Greater Miami and Fort Lauderdale, and I see that trend continuing in 2012,” said attorney Marlyn Wiener of the law office of Marlyn J. Wiener, P.A., a firm with offices in Boca Raton and Miami. “And as inventory is being reduced in Miami-Dade and Broward, we can expect more and more buyers to focus on Palm Beach County.”
Foreign Investors Eye Visas
A growing number of foreign investors are also taking advantage of recent changes to the EB-5 U.S. visa incentive program. Those who invest at least $500,000 in a new or established business, and who meet certain criteria, are given a visa.
“The investor visa program is a faster route to U.S. citizenship for many foreigners and it’s also helping our economy,” said Wiener. “I have clients from Canada, South America, Mexico, and Europe who have secured their visas, or are in the process of obtaining their green cards, while making substantial investments in this country.”
South Florida developers and entrepreneurs are hoping that the lure of U.S. residency will be a new source of badly needed capital at a time when credit is difficult to come by. At the very least, the increase in foreign activity shows that the U.S. retains its attractiveness as a home for real estate and business investment, even in a recessionary environment, Wiener said.
“The world truly does have an interconnected economy,” she said. “Global capital now moves freely, and South Florida is on the verge of benefiting from that in a most substantial way.”
With offices in Boca Raton and Miami, the law office of Marlyn J. Wiener, P.A., handles all business and real estate transactions. Since 1981, Marlyn Wiener has represented Realtors; small to mid-size businesses; mortgage bankers, brokers and lenders; contractors and construction companies; real estate investors and developers; commercial landlords and tenants; and homeowners and renters. Visit the firm’s website at https://www.mwfloridalaw.com/. For more information, interview requests, or digital images, please contact Dave Bloom of Bloom PR at dave.bloom@ournewsroom.com or (954) 332-2375.