***UPDATED: July 16, 2015*** According to a recent article from the Miami Herald, Brazilians are leading the surge of international investors in Miami real estate for the 12th month in a row. Analysis from the Miami Association of Realtors found that foreign interest (gauged from website searching) was led by Brazil, followed by prospective buyers from Colombia, Canada, Venezuela and Argentina. Domestic buyers are also interested in the booming market, with high volume of searches coming out of California, Georgia, Texas, New York and Illinois. Miami is the third most sought after destination for international buyers behind Los Angeles and New York. With currency crises and political instability affecting Latin America and Europe, investors are eager to put their money into safer investments, including U.S. real estate. However, rising home values and the improvement in U.S. currency has had a significant impact on the buying power of foreigners. “When the dollar was weaker we had a lot of middle-class Brazilians purchasing properties with cash,” stated Jennifer Santos Sily, a lawyer with experience with international investors. “Now the middle class is a little more reserved with their purchases, and there’s more financing happening.”
Foreign interest in Miami real estate is still holding strong, with Brazil topping the list of international investors searching for their own personal paradise in the sunshine state. According to a recent article from The Real Deal, the Miami Association of Realtors compared the number of visits to its website in this previous January to those in January of 2014, and found that Brazilian traffic was greatest.
Just behind Brazil came Colombia, rising three spots from last year, and Russia, which didn’t even make the top 10 last year. Venezuela ended up in the third spot, down from the top of the list in 2014. The association stated that the number of potential foreign investors increased nearly 40% over the last year, with a new mix of buyers coming from Europe and South America. “The Miami real estate market continues to attract buyers and investors from around the world,” claimed Christopher Zoller, 2015 Miami residential president. He continued to explain in his statement that the area is affordable when compared to other world-class, global cities, offering many amenities and benefits including good year-round weather, a multicultural environment, strategic location, and an exciting lifestyle.
Late last year, talks of growth in Chinese interest in South Florida topped the real estate headlines, however the country failed to make the top ten list this time. According to the article though, Chinese businessman, Dr. Shanjie Lie is hoping to change that with his new real estate business, American Da Tang Realty, which open its doors last month. The company hopes to focus on assisting the Chinese elite in purchasing their dream homes in Miami.