In the wake of economic and political instability throughout Central and South America, condominium developers in South Florida have been devoting more attention to potential buyers from Mexico, which is the No. 6 international investor in South Florida real estate as of 2015.
“We have seen more Mexicans coming over to Miami and I have learned as well that Mexicans are starting to see Miami as a great alternative to their current places,” says Ernesto Cohan, director of sales at Oceana Bal Harbour, which has taken in $50 million from Mexican buyers.
Miami lends itself to the Mexican buyer in part because of its global feel and the relative ease of travel. Flights are cheap to Mexico and relatively short.
Gregory Freedman, principal of BH3, has noted that some Mexican buyers have expressed concern about a potential Donald Trump presidency, but most are not deterred. “They know that [regardless], they are not going to build a wall, that they are going to be able to get to their condos in Miami,” he says.