International buyers of U.S. property have declined 30% since late 2014 and are expected to fall another 25% in 2016. The U.S. dollar is at a seven month high vs. the Euro. The Canadian dollar, traded at 1.2 in 2014 and is now down below $1. in value. With Brent Crude Oil near $40 a barrel and not expected to rise above $50 for 18-36 months, many other commodity based currencies in Mexico, Central & South America are also down in value vs. the U.S. dollar. Further since the western trade sanctions against Russia, those residents have challenges buying a U.S. property too. For all these reasons luxury developers in South Florida, the Caribbean and other desirable destinations are reaching out to high net worth U.S. buyers much more aggressively.
Monthly Archives: November 2015
The Miami Report presented to industry Insiders at the W Fort Lauderdale, outlined that South East Florida will remain a popular destination for ultra elite, high net worth people through 2020. It also illustrated both a switch to more U.S. buyers from places like N.Y.C.