Chile Becoming a Steady Growth Factor in Miami Real EstateApril 3, 2017
While the past decade has seen some influence from Chile on Miami real estate, it hasn’t been enough to be mentioned. Unlike neighboring countries, such as Argentina, Brazil or Venezuela, Chile wasn’t at the top of the list.
However, last year and the beginning of this year has shown something different for Chile and the Miami real estate market. Chile has leaped forward and has garnered plenty of attention. The Chile Week USA event last October was a large part of this as it showed off the food wine and culture of Chile.
Becoming a Factor in Miami
A free-trade agreement with the United States has made it possible for Chile to become a factor in Miami. In fact, Chile buys more products than Spain, Italy or Russia, from the United States.
This free-trade has helped Latin America become one of the most important U.S. exports. Chile actually nets $9.3 billion for the economy of the United States on a yearly basis, according to an article from Heraldo Munoz in the Miami Herald.
It has also led to U.S. home builders and Chilean lumber companies to enter serious discussions towards working together. While not agreements have come out of these talks just yet, the National Association of Homebuilders believes the talks have been very productive.
Chileans in South Florida
For decades, Chileans have created a presence in the South Florida area. It started in the early 1970s when changes to the economy of Chile drove families to relocate. Many landed in the Miami area and while some returned when things changed, many stayed.
The stronger economy in Chile, over the past few years, has kept emigration down. However, investors have still been spending in the Miami area and some have moved for work or to start a business. Many successful Chileans now call Miami home including business owners and company executives.
Many Chileans choose some of the top Miami neighborhoods including Key Biscayne, Weston, Palmetto Bay or Pinecrest. Some of the younger homebuyers coming from Chile prefer Brickell, while those seeking investment properties tend to choose coastal condominiums in the Aventura or Miami Beach area. These often become vacation homes used by the owners part of the year and rented out when not in use. Even those choosing to invest in properties not close to the water seem to find a good return and long-term appreciation.
The Future of Chile and Miami Real Estate
A promising future has presented itself for Miami real estate and those moving to the area from Chile. Last year the Chile Week event helped to grow the presence of Chileans within South Florida. This year, the event will also be held in the fall with hopes of continued growth.
While Chile has impacted the Miami area and the influence seems to be growing, it hasn’t reached the heights of some of its South American neighbors. However, with continued steps forward, Chile will continue to become a larger presence in both the real estate and the business sector of Miami.