Brazilians can’t get enough of buying properties in Miami.
For 12 months in a row, Brazil have been the number one country providing investors to Miami. They keep on searching for information about local real estate deals on the Miami Association of Realtors website.
They are still ranked 1st in the top 5 of foreign prospective buyers in which Argentina, Venezuela, Canada and Colombia make the list. Domestic web searches arrive from New York, Texas, Georgia and California. It is worth saying that Miami is the 3rd most popular search after New York and Los Angeles.
The influence of foreigners on Miami real estate scene is not to be taken lightly as they have fueled Miami’s recovery and boom after the crisis. Last year, Latin American investors have been the ones who made the most purchases in Miami, with Argentinians, Venezuelans and Brazilians accounting for an average 15% each. Currency and political instability in Europe and Latin America make foreign investors quite eager to get their money out of their fluctuating economies. American real estate sounds safer. At the same time, the strengthening of the dollar slowly limits the purchasing power of these foreigners.
Indeed, the Brazilian real is decreased by 41.8% as compared to the US $ since last year. The shift made is now towards richer investors. A weaker dollar attracts more middle-class buyers from Brazil because they like to buy properties cash. The strengthening of the dollar leads to more financing.