The Real Deal Miami

“Chavez effect” drives Venezuelans to Miami market

February 24, 2012 09:48AM

Hugo Chavez

As The Real Deal first reported, Venezuelans are coming to the Miami real estate market in droves, in large part due to the so-called “Chavez effect,” their concerns over the economic policies of the Venezuelan president.  “They pull out their checkbooks right away [in Miami],” Harvey Hernandez, managing director of the Newgard Group, told Reuters. Venezuelans have looked particularly hard at areas like Doral and Weston. “It’s the Chavez effect,” said Cleto Puzzi, a Venezuelan who bought to apartments in Doral. “You can’t invest in Venezuela these days.” [Reuters]