By Richard Mann, Contributing Reporter
RIO DE JANEIRO, BRAZIL – Brazil is the number one foreign country purchasing real estate in Miami, according to a report by the MIAMI Association of Realtors Commercial and the National Association of Realtors (NAR).
According to the report, Brazilians were responsible for 12 percent of all foreign purchases in South Florida last year, followed by Colombians and Venezuelans (11 percent each), Argentinians and Canadians (8 percent each), and Mexican, French, and Italian buyers (4 percent each).
Brazilians bought the most properties in the Miami-Dade County, where Miami Beach is located, but invested in the Palm Beach and Broward counties as well.
MIAMI Chairman of the Board José María Serrano credits the cultural diversity and subtropical climate of the city for its popularity among international property buyers, especially Brazilians.
“South Florida welcomes all cultures, is growing its economy, adding cultural institutions, and attracting more companies,” he adds.
In 2018, there was a 23 percent overall increase in activity from foreign buyers in South Florida, with US$1.6 billion more spent on homes.
Doing business with foreign buyers is better, the report shows: 58 percent of the sales were paid all in cash (compared to 47 percent for national transactions), and around 5 percent of buyers closed the deal without even visiting properties first.