2014-02-04 16:37:27 - Amity Realty predicts potentially negative impact on Miami’s real estate due to new currency restrictions preventing Venezuelans from spending their money in Florida.
South Florida has been the top destination for Venezuelan tourists and the home of a large expat community.
In the past, Venezuelans had the right to charge $2,500 to their credit cards and get $500 in cash for trips at the official, preferential rate set by the Venezuelan government. However, given the new currency restrictions implemented by the government, the limit that its citizens can charge on the credit cards in Florida went down to US $700 annually. These changes apply only to the Sunshine State and some other destinations such as the Dutch Antilles, Colombia, Costa Rica and Panama.
Given the parallel economy experienced in their country, the citizens of Venezuela use these rules to take advantage from the government
–approved auction rate to convert their bolivars, their national currency, into dollars. As bad as the latest 11.4 bolivars-to-dollar ratio is, it is even worse for Venezuelans when making that conversion on the black market at the astronomical rate of 80 bolivars for US $1.
Florida is thought to be home to more than 100,000 Venezuelans and these new rules are expected to hit hard Miami’s retail activity, hospitality facilities and especially real estate since Venezuelans have been a very strong group of buyers in South Florida for the last two decades.
To get the latest on Miami’s residential and commercial Real Estate, contact Amity Realty at 786-220-2512 or by email: firstname.lastname@example.org
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