Foreign buyers have traditionally
represented a healthy chunk of Miami-Dade real estate buyers,
particularly in condos, particularly in the high end market.
As of the end of 2018 there is a 137
months of supply in condos priced above $3,000,000, a 192 ( yes
that’s 16 years!) for those in the $5,000,000 range and above. Even
condos in the $300,000 to $600,000 price range show a 27.8 months of
inventory based on closed sales.
Currency exchange rates play a major
role in this.
A Canadian buying $1,000,000 condo back
in 2007 needed $982,030 Canadian dollars, now for that same priced
condo the buyer needs $1,363230 in Canadian dollars. A Brazilian for
example could buy that same condo back in 2007 with 1,815,000 reals
where now the buyer will need 3,881,710 reals. Even Europeans are
finding the exchange rates more onerous. If back in 2007 680,300
Euros bought a $1,000,000 condo, today they need 873,830 Euros.