Venezuela leads SoFla’s $6.2B in foreign resi investment in 2016: report

Foreign investors spent $6.2 billion on residential properties in South Florida last year with Venezuela leading the pack, according to the Miami Association of Realtors.

Buyers from Venezuela, Argentina, Brazil and Colombia, and Canada spent the most on homes in Miami-Dade, Broward, Palm Beach and Marin counties, a newly released report shows. Mexican, French and Peruvian investment tied for fifth place. Altogether, investors from those countries accounted for 64 percent of foreign sales in South Florida last year. South Florida also saw a year-over-year increase in international purchases of residential properties of about $100 million compared to 2015. And more than half of Florida’s foreign deals in 2016 (52 percent) were for homes in South Florida. Within South Florida, Miami-Dade took 80 percent, Broward 16.4 percent and Palm Beach 3 percent. More…