The Real Deal Miami

Brazilians take Miami condo bargains

June 21, 2011 11:13AM

Brazilians like Frederico Azevedo are heading to Miami to purchase one
home and ending up with three, given the extreme disparity between
property prices in Miami and Brazil. “I bought one to use as a vacate
home and the other two as investments,” said Azevedo, president of
Construtora Altana, a housing-development company. “It’s actually very
cheap in Miami compared to here.” The Brazilian Real has appreciated 45
percent against the U.S. dollar since 2008. Last year, they bought 9
percent of homes sold to international buyers in Miami. According to
Craig Studnicky, president of International
Sales Group
, half of downtown Miami condos sold to foreigners for
more than $500,000 this year were bought by Brazilians. [Bloomberg]