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Brazilians Busy Snapping up Bargain Miami Condos

By Allison Halliday | June 22, 2011

The high price of real estate in Brazil, combined with the strength of the Brazilian real against the US dollar, has sent wealthy Brazilians flocking to Florida in search of bargains.

Brazillian buyers are showing a lot of interest in Miami condos, which are almost 50% cheaper than condos in Brazil

Miami condos are proving irresistible to Brazilian investors now. Courtesy Miami Beach Condo Sale

The real has gained 45% against the US dollar since 2008, making property irresistibly cheap, especially as São Paulo, Brasilia and Rio de Janeiro are now more expensive than any city in the US, according to a survey by ECA International. Prices of Brazilian property have gone up by around 25% during the last 12 months, with prices increasing by up to 44% in Rio.

In contrast property prices in the US are now at 2003 levels, and according to the S & P/Case Shiller index, homes in the Miami area cost around 51% less than their December 2006 peak. The average condominium in South Beach cost $354 a square foot during the first quarter of 2011, whereas five years ago it would have been anything between $500 and $1000 a square foot.

After Canadians and Venezuelans, Brazilians are the third biggest foreign buyers of miami realty

Brazilians are the third biggest foreign buyers of Florida real estate. Courtesy of Brazilian studies

In the 12 months up to March this year, Brazilians purchased 9% of real estate sold to international buyers;  only the Canadians and Venezuelans have been buying more, but the Miami Association of Realtors expect this percentage to have increased significantly. Overall, sales of Miami condos have increased by 92% during the first four months of this year, according to data from the Florida Association of Realtors.

Current data indicates that up to 50% of all downtown Miami condos sold for more than $500,000 since the turn of the year have been purchased by Brazilians.They are also buying more expensive properties, with Brazilian investors accounting for around 50% of sales for homes costing more than $1 million in Miami Beach.

real estate in brazil is double the value of US property

Sao Paolo real estate costs almost twice as much as the US now. Courtesy of Tehw00t

Real estate agents in Miami are busy learning Portunol, a Portuguese Spanish mix spoken by Brazilians. There have also been reports of real estate agents poaching employees who are fluent in Portuguese.

Allison Halliday is a Realty Biz News contributing writer. She handles International Real Estate and is a seasoned blogger.
  • 7 comments on “Brazilians Busy Snapping up Bargain Miami Condos”

    1. "probably one of the most corrupt people in the world for document fraud"..."neighborhoods will be transformed into little favalas" (Joe Rozoli)(correct spelling favelas)......."ultra male chauvinist culture of Brazil tacitly permits beating of their wives or girl friends"(Curt Martin)..... WOW!!!!!

      Mr. Rizoli and Mr. Martin.....over the course of time I have come to the following conclusion...we are ALL IGNORANT, in different subject matters.

      My humble suggestion is that when attacking a group of people, FACTS and NOT FICTION are really important. Otherwise you end up sounding like an UNEDUCATED FOOL!

    2. Also, the ultra male chauvinist culture of Brazil tacitly permits beating of their wives or girl friends, so that will be a rude awakening for them when the American girls start hauling these guys into Miami-Dade court hearings for abuse. But then those girls may get a rude awakening when they run into those same guys outside the court later.

        1. For your information, I'm Brazilian and my wife beats me every time I don't server dinner on time, leave some place of our home not properly cleaned or our children wakes her up with their cry! Get informed!

    3. Good luck with the Brazilians. They are probably one of the most corrupt people in the world for document fraud. You can bet neighborhoods will be transformed into little favalas and the SPLC and the ADL will be having all sorts of "no place for hate" notices for the community's when they don't accept the Brazilians politics.

      When plunder becomes a way of life . . .

      “When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it” ~Frederic Bastiat French economist, statesman and author (1801-1850)

      Joe Rizoli

      1. Some people,like you should get facts first, about your culture,then if still have something to write about some other then yours and could make a statement about 182 million people, you may have something else on your field of information, just you know, next time if don't have a nice thing to say about someone or something, keep to yourself, if you believe in karma, you know the rest.

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