We May Be Facing a Textbook Emerging-Market Crisis
For those trying to understand the local Miami condo market with greater depth than the simplistic view of a supply-demand imbalance, read the article below. Miami is an international city of the highest order. More than 75% of Miami condo buyers are foreign nationals. The local market is hinged on the global currency markets and the ability for buyers to close on purchases that are reasonably priced in there home currency. This article shines a light on the disconnect in emerging markets and the increasing rise in inflation and currency devaluation. These macro issues will contribute significantly to the pending downfall of the Miami condo market.