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Influx of foreign buyers expected to flock to condos, developer says

by Lindsey Wells

Influx of foreign buyers expected to flock to condos, developer says

Florida real estate was a hot commodity for international buyers in 2021, and it’s about to get even hotter — especially the luxury condominium market, according to Rishi Kapoor, CEO of Location Ventures. 

Earlier this year, the National Association of Realtors reported that Florida was one of the top five states to attract the greatest number of foreign buyers from April 2020 to March 2021.

As the international travel ban lifts Nov. 8, foreign buyers will once again descend on the Sunshine State, specifically South Florida and Miami, Kapoor said.

“This year, we saw a frenzy of domestic buyers for both high-end single-family homes and condo residences, but with the expected return of foreign buyers from Mexico, Latin America, Europe and more, I anticipate the spotlight to now shine primarily on luxury condominiums,” Kapoor told South Florida Agent Magazine. 

Kapoor is the developer behind Villa Valencia, a wellness-focused condominium that boasts amenities including a movie theater, bar, golf simulator and lap pool.

“Unlike stateside purchasers who may reside in their homes full-time, those living a transcontinental lifestyle look for built-in conveniences such as a concierge and extensive amenities that are readily available but require little to no upkeep,” Kapoor said. 

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