Miami real estate agents have one reason to be happy: Brazilian buyers are back as a dominant buyer pool in South Florida, amid an increase in foreign investment. Political turmoil in Brazil and a strong dollar have kept buyers away from South Florida in recent years – until now.
Brazil ranked as the top country buying South Florida homes in 2018, according to a new report from the Miami Association of Realtors.
In 2018, international buyers spent US$ 8.7 billion on residential properties in Miami-Dade, Broward and Palm Beach counties, up 22.5% from US$ 7.1 billion in 2017. Foreign buyers acquired 14,300 homes in 2018, 1,000 or 7.5% fewer properties than the previous year, according to the report.
Brazil ranked No. 1 for the first time since the association began tracking foreign investment in 2012, representing 12% of all foreign purchases of homes in the tri-county region last year.
Colombia and Venezuela tied for the second spot with 11%, each, followed by Argentina and Canada with 8% each. Mexico, France and Italy tied with 4%, each; and the United Kingdom, China, Peru and Ecuador had 3%, each.
In 2017, Argentina topped the list, followed by Venezuela, Canada and Colombia. Foreign investment in residential real estate in the tri-county area in 2018 represented 54% of all international sales in Florida, which ranks as the top state for such investment.
Orlando was the second market for international sales with 9.4% of sales in the Sunshine State. South Florida represents about 9.5% of all U.S. international home sales, according to the report.