Miami Real Estate Market is Being Salvaged by the Brazilians
It seems odd that Florida’s real estate market is getting a boost on its market in large part because the Brazilians have taken notice of it. Sure we all know that Brazil’s upper middle class have been involved in buying properties since the 90’s in Miami and Orlando, but with high interest rates and high taxes, it forced them to lay low for a while. A Folha de Sao Paulo study revealed that the middle class is buying up Florida properties, mainly in Miami, thanks to a strong currency, and more spending power than they have had in a generation.
It is indeed true Miami’s improving real estate market is due mainly to Brazil’s rising GDP, according to the Association of Foreign Real Estate Investors. Terra Blanca, CEO of Blanca Commercial Real Estate said to Real Estate Journal Online last week that, “Wealth creation in Brazil is now starting to look for cross-border opportunities, and Miami certainly is a natural.”
Overstocked, that is what AFIRE said about the Greater Downtown Miami’s condo supply. And with real estate prices are rising in Brazil, and still declining in South Florida. It is reported that South Florida, and Miami especially, could come to depend on attracting foreign buyers like Brazilians while the US job market, and US incomes, continue to hobble along.
Noted that 70% of the 1,004 Brazilians surveyed said they would be putting money to work overseas this year. The average within the emerging markets surveyed was 62% that is according to a recent Franklin Templeton survey of foreign investors. As reported Miami is known to be ranked 8th for foreign investment in real estate, a good standing nonetheless, but with the Brazilians doing their work they could climb on the top 5 soon enough.
It is indeed true Miami’s improving real estate market is due mainly to Brazil’s rising GDP, according to the Association of Foreign Real Estate Investors. Terra Blanca, CEO of Blanca Commercial Real Estate said to Real Estate Journal Online last week that, “Wealth creation in Brazil is now starting to look for cross-border opportunities, and Miami certainly is a natural.”
Overstocked, that is what AFIRE said about the Greater Downtown Miami’s condo supply. And with real estate prices are rising in Brazil, and still declining in South Florida. It is reported that South Florida, and Miami especially, could come to depend on attracting foreign buyers like Brazilians while the US job market, and US incomes, continue to hobble along.
Noted that 70% of the 1,004 Brazilians surveyed said they would be putting money to work overseas this year. The average within the emerging markets surveyed was 62% that is according to a recent Franklin Templeton survey of foreign investors. As reported Miami is known to be ranked 8th for foreign investment in real estate, a good standing nonetheless, but with the Brazilians doing their work they could climb on the top 5 soon enough.