Miami Developer Says Real Estate Market Needs Rate Cuts ‘Badly’
Live MintMiami real estate developer Jorge Perez said interest rate cuts are needed “badly” to help builders manage soaring costs. Developers “need those cuts badly” because many projects are financed at floating rates, Perez, founder and chief executive officer of Related Group, said in an interview on Bloomberg Television. While he expects further reductions next year, “it’s going to be less pronounced, but I believe that we’ll continue to see cuts and we’ll continue to see an increase in demand based on people able to afford more real estate because of the interest-rate cost.” Over the past few months, Related has secured financing to kick off construction of several residential projects in the Miami area. “We need to quiet down this rhetoric and come to an understanding, because immigration has made this country and will continue to play a big role in the development of this country,” Perez said.
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