Economic instability and rising crime rates in Argentina have prompted waves of residents to relocate elsewhere, many choosing to settle in Miami. The country has seen a recent trend of students choosing to leave the country as soon as they finish their education, as Argentina’s current woes offer little promise for a bright future. Frequent financial depressions and bank instability have plagued the country over the past few years and government response measures caused residents to lose faith in their banking system, for good reason. During a particularly bad depression in 2001 the government refused to allow people to withdraw money from the banks, leaving them without any access to their personal finances. That event, known as el corralito, spurred a mass migration out of the country and destroyed any trust left in their banking system. The economic instability, combined with recent rises in inflation throughout Argentina, has prompted many to find ways of relocating to the US or other foreign countries in search of better prospects.
The country has also been overwhelmed by crime recently, which has contributed to growing feeling of discontent among residents. The past few years Argentina has seen a dramatic increase in the amount of robberies, assaults, and home invasions. This spike in crime has been the breaking point for many people, who feel they are no longer safe in the country.
Miami has become increasingly popular among displaced Argentineans, where they find the transition to American rather smooth. The city boosts a rather large bilingual population and the job market allows for people to find work fairly easily, providing them the opportunity to prosper in the new environment. Miami’s real estate market is thriving in response to the growing population, with new properties consistently high demand. Contact a RE/MAX agent if you would like to check out all the commercial and residential listings available in the area now!