Brazilians breathing life into south florida property market

The strength of the Brazilian Real against the Dollar is giving Brazilians more buying power in the US property market than they have had for a generation. Because of this the growing Brazilian middle class is buying up Florida properties, mainly in Miami, according to a Folha de São Paulo study released Monday.

Further than this, the Association of Foreign Real Estate Investors (AFIRE), said that improvements in the Miami’s real estate market is due mainly to Brazil’s rising GDP.

“Wealth creation in Brazil is now starting to look for cross-border opportunities, and Miami certainly is a natural,” says Terra Blanca, CEO of Blanca Commercial Real Estate in Real Estate Journal Online last week.

According to AFIRE, the deep oversupply in Miami and South Florida, especially in their condo markets, could make them highly dependent on attracting increasing numbers of foreign buyers like Brazilians. This is especially true given the fact that unemployment is still soaring in the US and incomes are at an all time low, whereas in Brazil the opposite is true, affluence and employment are continually rising.

Source: Overseas Property Mall