For many years now, South Florida real estate has been very attractive to foreign buyers and especially to those from South America. The region’s reputation globally has matured for both residential and commercial properties. European and Canadian investors now account for a larger share of foreign investment according to a report by the National Association of Realtors and data provided by Real Capital Analytics. Canadians are also showing interest in local commercial real estate. Bombardier, a Canadian aerospace company, opened a Learjet facility at Fort Lauderdale-Hollywood International Airport. Apotex, a Canadian pharmaceutical company, is planning to move its U.S. headquarters to Miramar in 2019. Commercial investments are becoming more popular among Canadians in large part due to their familiarity with the area as a result of their long term residential investments. Currency devaluations have significantly weakened the buying power for South American investors. Comparatively, Canadian and EU currency values are more on par with the U.S. dollar.
Canada, Toronto in particular, has some of the fastest rising real estate prices in the world. Prices have risen 60 percent in the past five years according to the Toronto Real Estate Board. The skyrocketing prices are due in some part to an increase in Chinese investment. According to Glenn Cooper of the Florida-Canada Chamber of Commerce “As real estate prices are taking off in Canada, especially Toronto, we are seeing a lot of Canadian hotel owners, investors, and groups coming down here.” Shahab Karmely, owner and CEO of Kar Properties, said that about 30 percent of the inquiries at his 2000 Ocean Condominium in Hallandale Beach have come from Canadian buyers.
Demand for South Florida real estate from both international and domestic buyers is strong and should continue to grow into the future as the region further develops into a world-class destination.