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Thursday, August 18, 2022

Not just Miami: United States destinations where Colombians buy properties and how much they cost

For many years, Miami and the state of Florida in general have been the preferred destination for Colombians who want to move to the United States or invest in properties on North American soil, as the city has many characteristics that expatriates from the country. attracts.

The attraction given by the city of Sun has always been constant for the people of the country. Proximity (only three hours by plane), availability of flights, a practically Latin culture, but with the command and advantages of a developed country, is what makes this market so attractive to Colombians.

In addition to factors such as access to mortgage loans with US financial institutions that specialize in lending to foreigners and who, Despite the fact that they charge their citizens slightly more, they lend much cheaper than Colombia: rates between 5 and 7% can be obtained, while here they are between 10 and 11%. .

According to the Miami Association of Realtors, Colombians were the second foreign nationality to have purchased the most real estate in South Florida in 2021. The first place went to Argentina, which received 13% of the properties sold last year, Colombian responded by 12%.

Buying property in Miami has become more difficult due to higher prices. , Photo: Getty Images

beyond miami

Edgar Pulido, international director of the North American firm LATAM’s Colombian offices in the United States, He also reaffirmed Colombians’ interest in American real estate, particularly as a diversification strategy, invoking the adage “not all your eggs are in one basket”.

However, he cautioned that housing prices in the United States have risen 25% in the past year, leading many experts to talk of a housing bubble. As a result, he did not recommend real estate in Miami or Florida because of its high value, but rather emerging areas, such as Baltimore, Virginia, Philadelphia or Detroit, where you can buy a home for $80,000, while the average in Miami is $350,000.

This, of course, is seen more as an investment rather than a residence, as many real estate agents also help find tenants and with paperwork for tax payments in the United States.

Nunez acknowledged that Florida’s market is expensive, but said unlike other states it is not at risk of a recession. “Florida is a privileged state, because of the large domestic capitals coming in, especially from California and New York, as well as from overseas. They are investing in Miami because of its tax system. While federal, state and city in other areas Taxes are paid, in Miami only federal payments are made,” he explained.

Beyond Miami, Colombians may have other investment options in the United States. , Photo: Getty Images/iStockPhoto

investment options

Since many Colombians do not have sufficient resources to obtain housing abroad or cannot move to that country because they will have no way of generating income there, other options seem to be to diversify their investments. . One of them is the purchase of franchisees that are already operating in the US market. It can cost between 160,000 to 370,000 dollars, in which case, in addition, an investment visa can be purchased.

An example of this is the Figaro Group, a chain of barber shops and beauty salons. Which started in Colombia and which already has a license to operate in the United States, a country where they are growing up with a franchise system.

There is also the case of Fintech Milo, which specialized in offering mortgages to foreigners who wish to buy in the United States. His offer is that the interested party bids with him first and with that he knows how much money they can lend him. With this data they can better discover the property that best suits their needs. On average, they finance 70% of the value of the home and, in fact, they are seeing the greatest interest from Colombians.

For now, many compatriots are evaluating Miami to invest in or live in. It remains to be seen how many of these projects become a reality.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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