Top Foreign Real Estate Buyers in Miami are Brazilians
Sep 30, 2013 September 30, 2013
Miami is not just a popular tourist destination but a profitable real estate investment option as well. A huge number of foreign buyers flock to Miami to buy property every year. Miami is loved due to its tropical weather, scenic beaches, easy lifestyle and shopping opportunities.
In 2012, foreign buyers from Brazil overtook those from Canada in the acquisition of property in the Miami real estate market. Most Brazilian buyers preferred to buy condominiums, primarily to be used as vacation homes in the scenic Miami. Wealthy buyers from Brazil are looking towards Miami for property investment purposes and second homes. The housing boom led by buyers from Brazil is also predicted to create a domino effect for commercial properties and general business opportunities like restaurants and shopping centers.
Brazilians have been among the top buyers previously also in the real estate sector in Miami. They have been credited for shaping the new condo boom here and rightfully so. In addition, Brazil’s economic upheavals at home are urging buyers to look at Miami real estate for easy property investment.
Many residential condo projects that are underway are specifically targeting Brazilians and other foreign buyers. One of the major reasons for buyers flocking to Miami from Brazil is that the prices of homes in Sao Paulo or Rio are approximately three times more expensive than similar or even better properties in Miami.
Miami’s growing reputation and popularity as an international travel destination has given it a cosmopolitan flavour and that is also attractive to many buyers from Brazil. Increasing global spotlight has been driving the sales and more than average performance of its real estate sector.
Brazil is one of the main countries from where most of the buyers and prospective buyers originate. For buyers from Brazil, Miami real estate is a real bargain much more than a simple property investment.
A majority of buyers buy the units for personal use and are thus putting emphasis on having the units completed and furnished at the earliest possible. A curious trend is that if a couple of Brazilian buyers buy condos in one development, it is bound to attract a few more definitely to buy in the same building. The huge percentage of Portuguese-speaking population in Miami makes most Brazilians feel at home and enhance their comfort levels here.
Also Brazilians can afford to and prefer to make their payments in cash which is perfect for Miami sellers and makes it mutually beneficial for everyone involved.
Miami is a safe place for most wealthy Brazilians to enjoy the luxurious lifestyle and flaunt their wealth. Back home, due to security reasons there are restrictions on lifestyle even if someone has the wealth to afford a luxury life. However in the safe ambience of Miami any one can experience a free life and no security concerns. The infrastructure and social life in Miami is much better than Brazil.
So long the state of affairs has been beneficial for both economies and is a fruitful love affair. Miami’s weather, proximity to Brazil and the Latin feel of the place will definitely attract more buyers from Brazil in the future too.