Brazilian nationals investing in the South Florida real estate market is making national news, as evident by a recent article by Bloomberg.
According to the article, Brazilian currency has developed a 45 percent gain against the United States dollar since 2008.
And while the United States economy grew by 2.3 percent between April 2010 and March 2011, the Brazilian economy (which is the largest in Latin America) grew by 4.2 percent.
This means that South Florida real estate has become increasingly attractive for international buyers – and this is great news for interested South Florida home sellers.
Brazilians Increasingly Investing in South Florida Real Estate
For several months now, the number of Brazilian nationals investing in the South Florida real estate market has steadily grown as these international buyers search for deals on vacation homes and property investments.
The effects of this on the South Florida real estate market have been tremendous:
- Total sales on Miami’s condominium market have increased by 79 percent since the beginning of the year when compared to that same period in 2010.
- Brazilians bought 9 percent of homes and apartments sold to international buyers between April 2009 and March 2010.
- Brazilians are the third largest group of international buyers on the South Florida real estate market, behind only Canadians and Venezuelans.
- In May 2011, international buyers invested in 60 percent of existing homes on the market and 90 percent of newly built homes.
- Of those downtown Miami condos that sold for more than $500,000 to foreign investors, Brazilians accounted for about half of that group.
- Of those Miami Beach property sales that sold for more than $1 million, the investor was Brazilian in about fifty percent of those sales.
It’s easy to see why Brazilian home buyers are flooding the South Florida real estate market when one considers the current state of the Brazilian real estate market:
- Home prices in Brazil increased by 25 percent between June 2010 and May 2011.
- In Rio, home prices increased by 44 percent.
Meanwhile, homes in the Miami area are selling for about 51 percent less than they did during the peak of the housing boom – which was in late 2006.
Listing Your South Florida Home for Sale
All of the activity being generated by Brazilian nationals on the South Florida real estate market is great news for interested South Florida home sellers.
This activity is creating demand that is giving South Florida home sellers some bargaining room when it comes to sales price.
In order to capitalize on the momentum that Brazilians are creating on South Florida’s real estate market, you’ll want to work with a South Florida real estate expert who knows how to effectively market your South Florida home for sale.
Contact me, Scott Patterson, your South Florida real estate expert, today and I’ll let you know how I can get you the best price on your South Florida home in as little time as possible.
To get things started, feel free to browse all of the helpful South Florida home selling resources I provide to South Florida home sellers. These include:
- State of the Market
- Marketing plan for sellers
- Showing your property
- Request a pre-listing package
- Selling South Florida Real Estate eBook
- And more!
Until next time,
Scott