India and Pakistan interest in South Florida real estate is rising
Miami’s real estate market has been raising the interest of prospective investors from the Indian subcontinent, India and Pakistan, according to the Miami Association of Realtors. Although the economy and logistical opportunities are keeping a genuine groundswell of investment at bay — at least for the moment.
The association releases a list with the countries that searched for properties in its website, and surprisingly, India was at the number two on the rank in 2018, while Pakistan was close behind at number five.
One of their interest could be associated with the high number of EB-5 application coming from the subcontinent, the visa program gives foreigners and their families a green card and a path to citizenship in exchange for $500,000 worth of investment.
According to a January 2019 National Law Review article, “…Indian investors’ share of the EB-5 investor market has grown substantially since 2014, surpassing Vietnam as the second-largest EB-5 investor market in the fiscal year 2017…”
Up to now, South Florida has only received wealthy investors from India and Pakistan, acquiring commercial properties and high-end residential properties. However, an influx of new middle-class buyers from the sub-continent could reshape our real estate market.
It could be wishful thinking, but if the currency, banking, and travel issues slightly advance over the next ten years, these prospective buyers could fill some significant gaps in Miami’s large surplus of condo units.