It’s no secret that economic and political turmoil in Latin America have been fueling Miami’s revival, and papers across the pond are taking notice.
A recent story in The Times of London highlights Miami’s quick rebound after suffering one of the worst real estate busts during the last recession: today, the city is amony the top ten cities for house price rises. This is thanks in no small part to Latin American buyers.
Schwartz Media Strategies president Tadd Schwartz was quoted in the story as follows:
Tadd Schwartz, a spokesman for the Miami Downtown Development Authority, said that new developments were selling out even before construction had begun. “Venezuelans are the biggest investors. Some are buying sight unseen. We launched a project recently and within three hours they sold 60 to 70 units,” he said, adding that the Venezuelans wanted to put their money somewhere safe.