Back on top: Miami attracts Brazilian real estate investors
After two years of recession, the financial market is showing gradual signs of recovery in Brazil. The confident forecast corresponds to the interest of Brazilian foreign investors in South Florida real estate; the numbers are so positive that the Miami Association of Realtors declared the country was among the top foreign countries buying homes in the city in 2018.
However, South Florida has attracted Brazilian investors for some time, not only as an alternative to their country’s real estate market, to invest and establish a source of income in dollars, but also as second homes to high-end buyers. All due to the protection of exchange currency and better market conditions, as well as perfect weather and paradisiac beaches.
“With the development of the economy in Brazil, we will have a growing resurgence of Brazilians in Miami, mainly because the city has already gained a space in their hearts,” added Matias Alem, CEO of BRG International. “They love the weather, the beaches, the lifestyle in general, they feel at home,” he concluded.
And what are they looking for in the city? “They’re looking for good deals,” said Fabiana Pimento, a realtor of Fortune International Realty.
In 2018, Brazilian president Jair Bolsonaro won his presidential campaign with the commitment to pass a significant pension reform that would decrease a growing debt that began with gross overspending and threw the country into a slump in 2015. His reform is looking to change the systems by cutting the spending over ten years by about 1 trillion reais (Brazilian currency), or 250 billion dollars.
This outlook has made a few people move forward with investing in Miami, according to Pimento.
The Department of Federal Revenue in Brazil, which Brazilians report when they are fleeing the country for good, declared that there was a 165% increase of what is classified as “definitive exits” in 2017.