Broward Council of the MIAMI Association of REALTORS

                                                                                                     

                

Brazilian Buyers a Top Market for South Florida Real Estate

by | Feb 17, 2016

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Brazilian consumers bought the second-most South Florida real estate among foreign countries last year. The South American country registered 12 percent of South Florida foreign sales last year, according to the 2015 Profile of International Home Buyers in MIAMI Association of REALTORS® Business Areas. The National Association of REALTORS® (NAR) conducts the annual profile for MIAMI.

Miami's multicultural and multilingual population, tropical climate, global business center, and worldclass amenities are some reasons why Brazilians are buying properties, developing land, and relocating their families here.

South Florida's top international buyers in 2015:

Country | Percentage of South Florida foreign sales
1. Venezuela 13%
2. Brazil 12%
3. Argentina 10%
3. Colombia 10%
4. Canada 7%
5. Mexico 5%
6. France 4%
6. Italy 4%

Brazilians Spend the Most on South Florida Property Brazilians lead all international foreign countries in average purchase price: $766,000 average sale price compared to $245,000 among all buyers in Florida.

Country | Avg. Purchase Price for South Florida Real Estate
1. Brazil $766,000
2. Colombia $516,000
2. Argentina $516,000
3. Canada $510,000
4. Venezuela $488,000

Brazilians preferred Miami-Dade County over Broward, according to the 2015 Profile of International Home Buyers in MIAMI Association of REALTORS® Business Areas. Brazilians purchased 14 percent of international Miami-Dade property transactions, second only to Venezuela's 26-percent share. In Broward County, Brazilians purchased 6 percent of all international transactions. Canada and Venezuela (both at 16 percent) had the most foreign purchases in Broward.

All-Cash Buyers
About 75 percent of all Brazilian buyers pay allcash for South Florida real estate. That ranks third among all international South Florida buyers. Canada (86 percent) has the highest percentage. Argentina (80 percent is second.

About 75 percent of international buyers in Miami and Broward Counties paid all-cash.

Brazilians Mostly Buy for Vacation Reasons
Most Brazilian buyers intend to use their South Florida properties for vacation. About 37 percent of South Florida Brazilian buyers said they desired real estate to buy a vacation home. About 23 percent said they wanted a residential rental, 21 percent wanted both a vacation and rental property, 10 percent were looking for a primary residence/ retirement, 4 percent wanted a commercial rental and the remaining 5 percent listed other reasons.

Brazilians prefer to buy in central city/urban locations. About 80 percent of Brazilians purchased South Florida property in central city/urban locations, 11 percent in suburban and 9 percent in resort locations.

About 62 percent of Brazilians bought condominiums; 25 percent single-family homes; 7 percent townhouse; 3 percent commercial and 4 percent land.

Most Brazilians use South Florida property for up to six months. About 73 percent of Brazilian buyers listed up to six months; 11 percent didn't give a reason.

Brazilians Lead All Global Consumers Searching South Florida Real Estate
The South American nation of 200 million residents finished as the top international country using MIAMI's search portal, www.Miamire.com, in November 2015. Brazil has now ranked as the top foreign nation using http://www.miamirealtors.com in 17 of the last 18 months. The last time Brazil didn't rank first was July 2015 when Colombia took top honors.

Safe Place to Invest
Like most South Florida international buyers, Brazilians view Miami as a safe, secure place to invest their money. Miami offers physical, legal, and economic security to many international buyers. As one of America's most dynamic real estate markets, South Florida has seen consistent real estate price appreciation during most years in past decades.

Miami Welcomes All Cultures
Brazilians also enjoy South Florida's unique multilingual, multicultural population. Miami is the most international city in the U.S. About 51.3 percent of Miami residents are foreign born, according to the U.S. Census. Miami's concentration of foreignborn residents is more than double the national average of 19.4 percent.

Miami's diversity is best seen in the public school system. Students at Miami-Dade County Public Schools speak 56 different languages and represent over 160 countries.

A growing number of Miami restaurants, nightclubs, and retail stores cater to international natives. Brazilians moving to South Florida, for instance, can view Brazilian TV channels in their homes, shop at Brazilian supermarkets, and eat their favorite foods from home.

World-Class Amenities
A global city with world-class amenities like the Pérez Art Museum Miami and the Adrienne Arsht Center for the Performing Arts in downtown Miami, South Florida offers international and domestic buyers a unique place to live, work, and play.

Direct Flights
Miami International Airport (MIA) offers nonstop flights to more than 150 cities, including 98 international destinations. Fort Lauderdale- Hollywood International Airport (FLL) offers nonstop flights to more than 150 cities, including 50 foreign stops.

Boosting the Market
Miami's growing number of international home buyers have provided immensurable benefits to the region and its residents. The buyers have enriched Miami's culture, helped turn our region into a year-round destination, inspired commercial and residential development, and helped lure some of the world's top entrepreneurs and international businesses.

Latin American banks, for instance, have proliferated in Miami as they follow their customers here. Miami has the largest concentration of domestic and international banks south of New York City, with approximately 87 financial institutions and 33 foreign bank agencies. More than 600 Miami companies maintain Latin American headquarters.

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