Monday, December 10, 2012

Miami Latin American millionaires parked and look for "bargains" in Spanish property


The Latin American fortunes begin to turn their eyes to the Spanish property market, following strong price adjustment that has been producing in recent years.
In fact, several of these great fortunes are already contacting some of the largest Spanish banks like Santander , theBBVA or Caixabank , among others, to hear their real estate portfolios, as this newspaper has learned from banking sources.
Some of these families are the richest in the world, according to the latest Forbes magazine, due to the economic recovery of the continent in recent years, with growth rates much higher than European or American.
Elike Batista Billionaire families
and these millionaire families also have investments in many economic sectors very buoyant. These are the Cisneros of Venezuela, the Santodomingo or Sarmiento of Colombia, or Luksic PiƱera of Chile, the Salinas, Bailleres and even Carlos Slim of Mexico, or Safra , Salles or Batista of Brazil, among others, already discussed investment property in our country. The global economic and financial crisis does not prevent them from growing large Latin American fortunes. On the contrary, in that region, according to Forbes, there are 62 owners of more than 1,000 million, between 1226 billionaires individual holders of more than 1,000 million dollars. The richest in Latin America are concentrated in Brazil and Mexico. Followers Chile, Colombia, Argentina and Venezuela. Among the ten largest fortunes in the world where there is only one Spanish, the owner of Inditex , Amancio Ortega at number five, two Latin American millionaires, Mexican tycoon Carlos Slim, on the number one, and the Brazilian Eike Batista at number seven. FLORIDA FOCUS OF ATTRACTION All these families of South America, along with many of his compatriots medium / high, recent years have been the most responsible for the revival of Miami real estate market in South Florida, but due to higher sales and they are putting expensive. Real estate investments diverted there by the high prices of their own local markets due to the economic boom. So now analyze Spain, but according to some real estate experts are still a bit high prices in our country, for what they want, but in the very short term there will be many possibilities. The rise of the economies of South America, with rates 5% growth, combined with the appreciation of their currencies against a weakening dollar and political uncertainty in some countries, have been the origin of these massive investment properties in Florida, now might deviate largely to Spain. The mortgage crisis in the U.S. housing market collapsed across the country and especially in Florida. The calculation was that Miami would need more than ten years to recover and sell all built during the construction boom from 2003 to 2007.However, according to promoters of Miami, sales were reactivated since 2010 and have sold about 80%. In fact, it's buying spree has revitalized the real estate business in Miami, where developers are now introducing new building projects.
The Venezuelans, perhaps also by political instability in the country of Hugo Chavez leading the phenomenon. According to the Association of Realtors in Miami, Venezuelans were the biggest buyers in 2011, accounting for 15% of all sales to foreign customers, closely followed by Brazilians and Argentines.In 2011, home sales in Miami real estate market rose by 46% compared to 2010, which has alleged that beginning on or prices recover.
Something is changing in SPAIN
Regarding Spain. There is much evidence to show that foreign sales are recovering, but also has many European buyers. Real estate activity in our country has moderated in the third quarter of 2012 to fall, to rates not seen for almost two years, as evidenced by recent data from the Ministry of Development. Between June and September, existing home sales fell 1.17% year on year up to 75,642, compared to the 11.6% decline that occurred in the second quarter. The fall of the third quarter, according to Reuters collects , is the lowest since the final quarter of 2010 and coincides with the final deadline for deductibility for home purchase up to the end of 2012. However, according to the agency, foreign purchases rose for the fifth consecutive quarter, rising by 18% year between June and September to 8.803.transacciones. Although the Spanish real estate sector situation is still very bad, it seems that something is changing. CRASH PRICE And without doubt this is due to brutal price adjustment that has suffered in recent years from the beginning of the current crisis economical. The National Statistics Institute (INE) has been estimated at 25% from 2007 to mid-year. For the appraiser Tinsa, lower prices more or less from that date until now has been 31% on average but with more spectacular falls, up 37.2% on the Mediterranean coast or 33.5% big cities. And the problem for most analysts is that expected prices should continue to fall, at least until the 50% that fell as the value of homes in Ireland. provisioning land and housing The high rate of unemployment and lack of funding are the two main reasons for this situation is giving many headaches to the present Government. In fact, most of the financial reforms have been directed banks to provision the current value of land and housing.The next step has already launched the Government is the establishment of so-called bad bank, the Sareb that have to compete with their own portfolios of properties are selling banks with large rebates.

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