Will Opening Borders Impact Miami Real Estate? I think so!

The White House has lifted the 18-month ban on visitors from the European Union, China, Iran, South Africa, Brazil and India, as long as they can show proof of vaccination and a negative coronavirus test. When domestic travel within the United States’ borders opened, it seemed as if everyone flocked to Miami, so I have a feeling that we will see a huge influx in foreign tourism as soon as the new policy goes into effect. That will be a great economic transfusion for our tourist industry!

Because overseas visitors are once again able to come to the U.S. and, more specifically, to South Florida, I also think that we will see a large uptick in foreign real estate investment. Historically, people from Latin America have purchased property throughout Miami-Dade County and beyond, making us the amazing cultural melting pot that we are today. Of course, with the pandemic, that investment dried up – people were not going to purchase vacation homes and the like that they could not use for the foreseeable future. Now that fully-vaccinated Brazilians are able to visit our part of the world, I think that they will begin to buy property here again and I think that this will only make our market more competitive! It will be interesting to see what happens in the near future, and when the rest of South America, and the world, can come back to the United States.