South America and South Florida Real Estate

A city once defined by Cubans is now home to a growing South American population that is affluent, well-educated and business oriented.

"South Americans’ impact on Miami can be seen in the city’s changing skyline, booming real estate market, international banks, growing downtown, construction cranes, cultural institutions and more. South Americans have helped Miami become a world-class global city. South Americans have helped diversify Miami’s economy, encourage more international visitors and homebuyers, add international businesses and grow its import-export trade." 

Miami, often nicknamed the Capital of Latin America, overtook Los Angeles and now has the highest share of business owners who were foreign-born in the United States. Immigrants comprise 39 percent of Miami’s population and 45 percent of the city’s business owners. 

The top-four countries investing in South Florida come from South America.

 Top Countries Investing In South Florida

1. Venezuela 
2. Brazil 
3. Argentina 
4. Colombia 
5. Canada 
6. Mexico 
7. France and Italy

Foreign real estate buyers accounted for 36 percent or $6.1 billion of total sales volume, according to the 2015 Profile of International Home Buyers in Miami Association of Realtors Business Areas, conducted by the 42,000-member MIAMI Association of REALTORS® (MIAMI) and the National Association of Realtors (NAR).

The Impact in Miami Banks

Brickell in downtown Miami is another area being impacted by South Americans. International banks have flourished in this area, which is often nicknamed the “Wall Street of the South.” As a larger diversification of countries have migrated to Miami, more international banks have followed the Latinos to Miami. 

More than 53 banks from North America, Europe and Latin America do business in Brickell. The proliferation of international and domestic banks in this financial district south of downtown has not only created hundreds of local jobs, but it has fueled unprecedented residential and commercial development.

South Florida’s multiculturalism is a key factor in Brickell’s development into a banking powerhouse. About 51.3 percent of miami residents are foreign born, which is more than double the national average. Miami’s reach extends beyond South America as students in Miami-Dade public schools speak more than 56 different languages and come from 160 countries. The ability to speak multiple languages is key in global banking. Foreign investors feel confident moving their capital to Brickell banks.

So once again, the diversity of Miami, is it's greatest strength.