Colombian Buyers Are Eyeing South Florida Condos After Leftist Gustavo Petro’s Election

Developers in South Florida are seeing an increase in buyer demand and inquiries from Colombia following the election of Gustavo Petro, a former guerilla fighter and the country’s first leftist president.

Although Colombians have always been avid condo buyers, Miami-based real estate development company Related Group is seeing an uptick in contracts, according to its senior vice president Nick Perez. He said the buyers prefer condominiums that allow short-term rentals. 

“Whenever there is political turmoil in South America, that usually means that they want to get their money out and they usually look to South Florida to put their money,” said Perez. “I think the reason why they gravitate towards the no short-term rental restriction is that when they’re not using their unit, they’re able to produce income and cover their costs and possibly gain an income from their investment.”

Perez said some of the buyers are afraid Petro’s policies will become more radical, which in turn has increased their migration to South Florida.

Related properties such as the District 225 Residences in downtown Miami, The Crosby, within the 27-acre Miami Worldcenter complex, and the recently launched NoMad Residences in Wynwood have a huge Colombian customer base. 

Nicholas Perez, senior vice president of Related Group in Miami. Courtesy photo Nicholas Perez, senior vice president of Related Group in Miami. Courtesy photo

“A large percentage of that has really gone to our lower price point, an entry-level product which is a product with no rental restrictions,” said Perez.

International buyers, in general, have increased since the pandemic, but Perez said for now, Colombian buyers are one of the leading groups. 

Perez said Nomad has about 22 Colombian buyers out of 140 so far, while 15% of The Crosby’s buyers are from Colombia.

“In light of the recent election results, we’ve seen an influx of even more traffic,” said Perez. “I can’t tell you how many have converted to sales in the past month since the election, but we have seen that uptick.” 

The increase in Colombian buyers is just the beginning, in Perez’s view, and amid a flight to quality, more buyers are seeking upgrades in amenities, especially for short-term rentals.

“You really are catering to a buyer who wants to gain income on their property, so you need amenities that rival a hotel, plus more,” said Perez. “In District 225, we have racquetball, a rock-climbing wall, which is a pretty interesting amenity that we’ve never done before, and then at The Crosby, we have a large co-working lounge, large gym and a few club lounges that can be sectioned off. There’s also a pool and barbecue and a rooftop bar within the property that, hopefully, for the end user, will enable them to rent out their property more easily.”

Related currently has a total of 225 total sales to Colombian buyers so far this year.

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