Chile: A Rising Player in Miami’s Real Estate Market
By: Ismael Rodriguez
Over the past few years, Chile has made noise, earning respect and drawing positive attention within Miami’s real estate market despite taking a backseat to neighbors like Brazil, Argentina and Venezuela that sit atop the list of foreign players.
However, The Chile Week USA event last October, a series of events and conversations among Miami’s politicians and investors with the nation’s travel and tourism board, proved successful in strengthening investment relations, including real estate, by indulging its guests with wines, foods, culture and travel possibilities.
Chile’s presence in Miami began in the early 1970’s when its economy plummeted and drove families to relocate, landing investors in the Miami area who continue to actively buy, spend and start businesses.
These relations between the two nations fortified after their free-trade agreement in January 2004.
Since the agreement passed, Chile has actively become a factor in Miami, buying more U.S. products than countries like Spain, Italy or Russia. It has also contributed to Latin America’s rise as a factor in U.S. exports, netting $9.3 billion for the U.S. economy on a yearly basis, according to an article by Heraldo Munoz in the Miami Herald.
This has drawn U.S. homebuilders and Chilean lumber companies to dabble with the possibility of partnering together. Despite not coming to agreement as of yet, the National Association of Homebuilders told the press that it believes the talks have been productive.
Currently, most of the Chilean population in Miami resides in Key Biscayne, Weston, Palmetto Bay and Pinecrest, while some of its youngest homebuyers prefer Brickell.