In Argentina, a weakening peso and 25 percent inflation, economists say, have spurred many affluent Argentines to move their money into American real estate by expensive and sometimes illegal means. Economic and political uncertainty around the globe are benefitting real estate in the United States, especially in Miami and New York, the two “safe haven” American cities foreign investors usually look to first.
MIAMI REAL ESTATE – In early August, Jorge Sanchez, a broker with Douglas Elliman, flew to Buenos Aires to sell some Miami real estate. He returned to Florida a few days later with four signed contracts from Argentines for apartments in a 60-story tower in downtown Miami. The fact that the buyers signed the contracts without ever flying to Miami to see the building — Opera Tower — speaks volumes about how eager, and desperate, Argentines have been to direct their money out of their country and into real estate in Miami and New York. In the past few months, Argentines have quietly passed Brazilians to become the most active group from Latin America buying Miami real estate, according to Millie Sanchez, executive vice president of development marketing for Douglas Elliman Florida.
By Alexei Barrionuevo, Sept. 14, 2012 NYT
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