Edgardo Defortuna, president of Fortune International Realty, says the trend for foreign investors to live in their units part of the year is particularly strong in Miami Beach, where he estimates about 65% of condos are owned by buyers from other countries.
“They will spend two or three months here,” he says, “or the family will move here while the man of the house moves back and forth. This is happening much more, especially with investors from countries such as Venezuela and Brazil.”
As much as 85% of buyers of new product in the central business district and along the Biscayne corridor are investors, Mr. Defortuna says, and will likely put their units on the rental market.
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