At the very height of the recent housing crisis, Brazilian real estate buyers purchased large amounts of Miami property helping to eliminate the surplus inventory that according to an article in the Miami Herald.com had been predicted to take up to a decade to completely sell out.
Despite these predictions, the Miami real estate market took just two years to recover and to begin booming, attracting the attention of a greater number of international investors. However, Brazilian real estate buyers had a significant impact due to the sheer size of the country. In 2015 the numbers of Brazilian buyers began to fall due to a decline in Brazil’s economy with the impact affecting the Miami real estate market. Things got worse for Brazil in the following year, particularly as the US dollar gained strength. Before the Brazilian real had been equivalent to 1 US dollar, but in 2016 you needed for Brazilian reals to buy one US dollar, effectively doubling the price of US property for Brazilian real estate buyers.
Now it looks as if the Brazilian economy is on the road to recovery and Brazilian buyers are returning to the Miami real estate market, although they never completely stopped buying in Miami. According to the article, with estate agents are seeing a surge of new buyers interested in purchasing luxury property. This surge is bound to have been helped by Avancia Brasil launching direct flights between São Paulo and Miami.
Apparently, the type of buyer has also changed as in the past many were looking to purchase property in Miami so they could get money out of the country while having a nice place to holiday and shop. Now buyers are looking to make more permanent moves and they are also buying businesses such as income generating properties, restaurants and stores as they seek to build brand-new lives in the United States.
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