Foreigners Love Miami Property

Foreign property buyers all across Latin America are lining up for U.S. real estate, particularly in sunny Miami. The Miami Association of Realtors reports local firms are flooded …

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Foreign property buyers all across Latin America are lining up for U.S. real estate, particularly in sunny Miami. The Miami Association of Realtors reports local firms are flooded with inquiries from South America, and from Brazil in particular. Argentines, Colombians and Venezuelans have also been showing interest, and realtors in Miami are taking it as a sign that their city is becoming globally renowned. South Americans are not the only ones in the game, though, as U.S. buyers from L.A., New York, Chicago, Dallas and beyond search for homes in Florida. For more on this continue reading the following article from Property Wire.

Brazilians are again the biggest group of overseas buyers searching for second homes and investment properties in Miami, according to the latest data from the Miami Association of Realtors.

Brazil topped the list of countries, second only to the United States, that conducted searches on the association’s website in June, after briefly being overtaken by France.

This is despite the weakening of the Brazilian currency in recent months and other Latin American nationalities are also keen on property in Miami with Argentina, Colombia, and Venezuela coming next, followed by Russia, Malaysia, France, Spain, and the United Kingdom.

The association has conducted extensive outreach to Brazilian agents and buyers since 1996 and has more than 100 partnerships with real estate associations worldwide, including FENACI, COFECI, and the Balneario Camboriu Association (ACIBC) also in Brazil.  MIAMI also shares listings with Brazilian associations through its landmark International Data Exchange, which further promotes members and the South Florida market.

In August, Balneario Camboriu signed an agreement to share listings with the website, further boosting exposure for Miami properties in Brazil.

Miami also promotes the Miami real estate market at international events, including Salon de l’Immobilier in Paris, SIMA in Madrid, and in the upcoming Jornada Internacional Inmobiliaria in Argentina.

‘Brazil remains a very strong market for Miami real estate, as reflected by our property search and closed sales statistics,’ said Natascha Tello, chairman of the board of the Miami Association of Realtors.

‘It’s very rewarding to see the success of our international outreach with markets like Argentina, Brazil, France, Russia and Spain. It’s also exciting to see new markets we’ve been targeting, such as Germany and India, cement their interest in the Miami market,’ she added.

The property search statistics are indicative of Miami’s status as a major global city, according to Fernando Martinez, residential president of the Miami Association of Realtors.

‘Miami real estate continues to attract attention from all over the US and from worldwide markets. Such attention is driving sales and fuelling the robust performance of the Miami real estate market,’ he added.

Miami is also a top choice for buyers in many US markets with the top number of searches coming from Los Angeles, Atlanta, New York, Dallas, Chicago and New Jersey.

Nationally, Miami is consistently one of the top markets for most of the highest ranking countries searching for property in the US including Canada, Germany, Brazil, Italy, France, the Netherlands, Spain, Russia, and Switzerland. For the first time, it was also a top choice for Turkey in August. 

This article was republished with permission from Property Wire.

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