Throughout the market's ups and downs, sales have largely been kept afloat by outsiders. That is, buyers not from the United States. Indeed, foreign buyers have taken quite an interest in properties like Miami Beach condos, often purchasing in bulk. But who exactly is doing the most buying during the existing market climate?
Not too surprisingly, the group responsible for buying the most properties are Brazilians. In addition to the much lower prices for Miami Beach condos and neighboring properties, the Brazilian real (the country's currency) is stronger than it's ever been which has emboldened many to seek real estate not only in Miami and Miami Beach but also further north. Coming in a close second in foreign buyers is Argentinians.
Recent upticks, such as a lack of foreclosures in high end Miami condos like Jade Brickell have many predicting that prices will finally begin to inch upward. While that remains to be seen, it's almost certain that foreign buyers have certainly to move excess inventory and spur sales to some degree.