Latin Americas Woes Wont Spark Miami Real Estate Boom
Real Estate Attorneys Vivian de las Cuevas-Diaz and Carlos Ochoa along with Latin American Attorneys Enrique Gómez-Pinzón and Jose Sirven were featured in an article from Law360 on Miami’s real estate investments potentially not coming from Latin Americans. According to the article, Latin American’s economic growth is below its average revenue. This result comes from the nation’s economy no longer being one of the largest in the nation. In addition, Venezuela’s monetary exchange system is difficult to transfer money or make payments outside of the country.
On the topic of Venezuelans moving to South Florida, Ms. De las Cuevas-Diaz states, “It's not that it's dried up, but they're already here."
Mr. Ochoa believes that Mexico will have a more favorable opportunity for Miami’s real estate. Mexico is currently generating more wealth and is more open to investing time outside of the country. He states, “Last year, Andrés Manuel López Obrador became the first candidate not from the Institutional Revolutionary Party to win the presidency in about a century since the Mexican Revolution, and his push to review government contracts, especially in the energy sector, has created political and economic uncertainty.”
Mr. Gómez-Pinzón says that Colombia is also becoming one of the largest middle classes in the international markets. “Colombia has risen to become Latin America's fourth largest economy and seen long-awaited foreign investment in the past several years, but has also experienced strains from absorbing people fleeing the turmoil in neighboring Venezuela,” Gómez-Pinzón said. He then emphasized how important it is to have your sayings in a place where your long-term money will be safe.