If south Florida’s real estate market returns from the dead, thank a Brazilian. Brazil’s upper middle class have been buying properties in Miami and Orlando since the 1990s, when high interest rates and high taxes forced many of them to invest overseas in a way to avoid tax authorities. Now, 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, a Folha de Sao Paulo study revealed on Monday.
According to the Association of Foreign Real Estate Investors (AFIRE), Miami’s improving 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. Greater Downtown Miami’s condo supply is overstocked, according to AFIRE . 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. Real estate prices are rising in Brazil, and still declining in south Florida.
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