Brazilians Still Big on Miami Residential Properties
The recent Miami condo boom was fueled by Latin American buyers flooding the market and grabbing homes with cold hard cash—and some of those buyers were Brazilians.
Even the increase in mortgage rates, a new report revealed that Brazilian buyers are still big on Miami homes. The buyers topped the rankings for international buyers searching for homes in Miami. Added to that list is the reputation of South Florida as the most popular region of the nation for foreign real estate buyers.
The main draw, however, remains to be Miami. The culture, night haunts and overall lifestyle are appealing to Brazilian buyers. Many future condos, in fact, are geared towards catering their specific tastes. The luxury real estate market of the city has continued to flourish due to the nonstop demand for new homes as markets are being filled up with more and more buyers—especially foreign ones.
Brazil was also among the top three countries that were keen on investing on Miami homes last year, according to a report from the Miami International Market Report.
Miami has continued to provide reasons why it’s one of the most popular housing markets in the country. It ranks second only to Los Angeles among the top ten most searched U.S. cities by foreign buyers. And another Florida city that managed to ease into that list is Fort Lauderdale, ranking at the 10th spot.
Brazil, however, is not the only country looking for homes in Miami. Along with it are France and Spain. Miami is also popular among buyers from Italy, Russia, Netherlands and Switzerland. There is simply no stop to the growing demand for Miami homes. Simply put, the Miami housing market is currently hot right now, most notably for several foreign investors.