According to the Miami Association of Realtors,
Venezuelans spent $930 million in real estate in 2016 throughout Miami-Dade,
Broward, Palm Beach and Martin counties — up from $915 million in 2015. But
some believe Venezuela’s importance to the local real estate market has
plateaued, dampened by the political and economic crises buffeting the country.
“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. This travel ban is just another blow.” Others
say those same political crises have actually stimulated Venezuelan buyers. More…
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