The Impact of Brazilians on South Florida Real Estate
Forbes reported that earlier this year, a Folha de São Paulo study found that the Brazil’s upper middle class has continued to buy-up properties in both Miami and Orlando since the 1990s at a time when climbing interest rates and taxes caused them to seek other areas overseas to invest. Latin investors who are looking into opportunities outside of their area find South Florida to be a choice option thanks to a combination of circumstances including strong currency and flexibility in spending, the study notes, as well as Brazil’s rising GDP.
A recent Franklin Templeton survey of foreign investors in some emerging markets showed that 70% of the 1,004 Brazilians surveyed said they would be putting money to work overseas this year. The average within the emerging markets surveyed was 62%.
Miami is ranked a distant 8th for foreign investment in real estate. New York, Washington, DC, Boston and San Francisco were the top four, according to Real Capital Analytics. Thanks to the bursting of the housing bubble in 2008, the US is currently ranked as the best place for capital appreciation in the world real estate markets, according to Real Capital.
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