Brazilian Influence Again Driving Miami Real Estate Market

by Isaac Benmergui, Esq on April 22, 2013

Home SoldBrazilian investors are once again driving the real estate market in Miami. The Brazil’s strong middle class is bringing its buying power to South Florida’s sunny beaches in search of bargains.

This buying surge has moved these Latin buyers ahead of Canadians as the most active foreign investors searching for Miami homes, according to the latest report from the Miami Association of Realtors. Brazil is not alone. Investors from other countries, including Columbia, Venezuela, France and Peru have also been eyeing land in Miami at a second home hotspot, resulting in sharp price increases and inventory declines.

The average price for single-family homes in Miami-Dade County jumped 16 percent to $200,000 in February 2013; condo prices rose 28 percent to $162,000, and Broward County prices rose 19 percent to $228,000 with condo prices climbing by 22 percent to $93,000.

Current estimates for Miami-Dade County’s residential inventory claim the area has only a five months of single-family home and six months of condos.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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