Real estate in Miami has become a good business for Colombians because of the low bank interest rates and the financing facilities.
With the crisis facing the construction sector in Colombia and due to the high interest rates for housing loans offered by corporations and banks in the country, Miami becomes an alternative for Colombians interested in investing in real estate.
This city, which has more than 221 kilometers of public beaches, a pleasant tropical climate and a hectic nightlife, has become a good live. Miami is a growing center of investment, commerce, fashion, art, architecture, business and of course tourism.
Currently Miami and its surroundings are going through one of the largest transformations in its history. Numerous projects have been completed and many others are advanced in areas such as Bal Harbour, Aventura, South Beach, Miami Beach, North Miami, Coconut Grove, Palm Beach, Kendall, Coral Gables, Key Biscayne and Biscayne Bay, which are considered the most urbanly developed.
The average value of the m2 in Miami, even in the most expensive areas, such as the beach, is below the price per square meter in cities such as Bogotá, Cali, Cartagena and Medellín. In addition to the areas of residences, luxury finishes, sea and city views and the provision of appliances, most projects offer a variety of additional services such as spa, tennis courts, golf courses, marina, recreation areas, restaurants and spectacular green areas.
Another of the great advantages to acquire housing in Miami is the ease in bank loans. Low interest rates and financing for up to 30 years. For all these reasons, Colombians have found a very attractive market.
Requirements to buy housing in Miami
- Copy of passport.
- Two bank references of accounts in Colombia.
- Banking and commercial history in Colombia.
- Financial balance of the last year. Copy of the last three bank statements.
- Income tax return.
A Colombian does not need to live or have bank accounts in Miami to acquire real estate in this city.
The procedures and paperwork can be carried out from Colombia through the firms representing the projects that have been established in the country.
The advantages of buying in Miami
Financing:
Up to 70 percent of the total value of the property, with a term of up to 30 years.
Interests:
Interest rates on average of 4.75 percent per year fixed.
Down payment: between 30 and 40 percent of the total value of the property.
Low installments: For every US$100,000 of credit, monthly installments of US$525 are paid on average. Includes principal and interest amortized over 30 years.
Profitability:
Real estate profitability in Miami ranges from 1 to 2 percent per month.
