Trump Administration: Making Miami Condos Cheap Again (For Foreigners)

The U.S. dollar has been falling, and the Trump administration doesn’t seem to mind. That could be good for Miami’s condo market.

A weaker currency brings benefits for the U.S., a Trump administration official said. At a press conference in Davos today, Treasury Secretary Steven Mnuchin told reporters that “a weaker dollar is good for us as it relates to trade and opportunities.”

With his comments, Mnuchin is seen as deviating from decades of tradition where U.S. Treasury secretaries have backed a strong dollar, at least in public.

Over the past year, the dollar has already dropped around 20% against the euro, while also falling against other major currencies.

The lower exchange rate makes Miami condos much cheaper for foreigners to buy.

Miami is already at full employment, with an unemployment rate below 4%.

 

Update: President Trump said Mnuchin’s comments were misinterpreted and that he is in favor of a strong dollar.

 

dollar vs brazilian real: