Colombians look to Miami as Gustavo Petro’s election sparks capital flight fears

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Inquiries to buy US properties rise as leftwing president targets the wealthy and extractive industries

Gideon Long in Bogotá

Real estate companies in Miami have reported a surge in inquiries from Colombians wanting to shift money out of their country and buy property in the US following the victory of Gustavo Petro, the country’s first truly leftwing president, last month.

Colombians are asking about existing housing, suggesting they may be thinking of relocating to the US rather than simply investing money there, the companies said. Last year, most inquiries related to investment in projects that had not yet been built.

The trend is part of regional capital flight from Latin America in the wake of recent election results. The realtors also noted an uptick in interest from Chileans and Peruvians over the past year following the election of leftwing presidents in their countries.