Friday, September 29, 2017

What will the new travel ban mean for Miami's real estate market?

Venezuela being part of the list may affect Miami's real estate.

The new revision of the U.S Travel ban now includes Venezuela, causing a stir among South Florida's housing market.

With a large part of the real estate market dependent on Latin America, any changes made to countries like Argentina, Brazil, and/ or Venezuela is directly felt in Miami according to Coldwell Banker realtor, Danny Hertzberg.

In Doral alone, Eli Santurio, The Keyes Company district manager of sales in Doral, said that his associates were wary of how the new ban would affect them. Venezuelans make up 32% of the Hispanic Population in Doral.

Venezuelans spent $930 million in real estate in 2016, making them an important part in Miami's real estate economy. 

“Their overall impact has waned,” said Mike Pappas, president of The Keyes Company. “Three years ago was the peak of the Venezuelan buying. Recently it’s become more difficult to people to get their money out of the country, so they’ve had less punch in the industry.

Read the rest of the article here!

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