What's the most attractive feature that Miami has for Brazilian buyers?
The large number of outstanding projects being developed in Miami makes this city a non-stop investment attraction for Brazilians. Brazilian buyers are drawn to Miami by its lifestyle, tropical climate, and luxury retail stores. Language is an important factor too, in Miami there is always someone who can communicate in Portuguese. They feel at home here.
Safety is also crucial in their decision to buy in Miami. Here they feel at home without the insecurity they face in Brazil. They are eager to be part of a safe, efficient and well-organized city. They usually say: “Miami is the best place in Brazil to live.”
Lastly Brazilian buyers are playing a major role in the real estate development of Miami. They are among Miami’s top three foreign buyers of high-end real estate, along with Argentines and Venezuelans, two other troubled economies.
Is Miami a good investment for Brazilian buyers?
Miami is a great investment. An apartment of about 1,300 sq.ft. in an popular Miami neighborhood could costs the equivalent of $1M. A comparable property in Sao Paulo is worth $2M and up, and even more in certain locations in Rio de Janeiro. The interest rates in the US for mortgages are also lower. In the United States the rate ranges from 4.5% to 5%, while in Brazil the rate is around 10% per year. For those who have suffered the complicated process of buying a house in Brazil, Miami feels like paradise. Brazilians have long regarded Miami as a safe place to park their money during periods of political and economic disturbance at home.
What do Brazilian buyers look for?
Brazilians tend to purchase higher priced homes. Approximately half of reported purchases were intended to be used for vacations, while about 11% purchased solely for rental or investment purposes. About 4% buy commercial properties.
Are Brazilian companies moving to Miami?
Definitely. Brazil is going through a rough time. Its political environment and economic situation are unstable. Brazilian companies are increasingly betting on the USA market. Exact figures are not available but Miami-based developers, real estate agents, bankers, retailers and immigration lawyers say that growing numbers of wealthy Brazilians are trying to move to the region, set up businesses, and trying to obtain residency or citizenship for themselves and their families.
Miami office market is still more affordable than NY or Brazil. Read Miami’s Brickell among most expensive office markets in Americas in the South Florida Business Journal