Some Miami developers have put new condo projects on hold as demand hasn't kept up with supply. Now, developer ISG World forecasts that will change in 2019 and 2020.
The recent slowdown in demand has been attributed to less demand from Latin American buyers and political factors. The report echoes this sentiment, saying, “The strength of the U.S. dollar against most foreign currencies, and the changing political climate in South America and Europe have recently slowed the investment of foreign capital in American real estate." Yet, the report says that shifting migration trends are likely to start putting pressure on condo prices as soon as 2020, per Realtor.com.
Canadian buyers, fueled by a strong real estate market back home, turned to South Florida in droves in search of second homes in 2016 and 2017, Mansion Global previously reported. Florida has the second-fastest population growth in the United States after Texas, with 900 people moving to the state each day. About 45 percent of them make Miami-Dade, Broward, and Palm Beach Counties in South Florida home.