The Real Deal Miami

Brazilian economy, which helped drive Miami condo boom, starting to slow down

June 05, 2012 12:45PM

Sao Paulo

The Brazilian economy, which has been one of the single-biggest contributors to Miami’s condominium boom, is showing signs of slowing down, the Miami Herald reported. The country’s economy grew just 0.2 percent in the first quarter of 2012, after 1.4 percent growth in the final quarter of 2011. Brazil’s currency, the real, has also weakened by 21 percent against the U.S. dollar since the summer, according to a report from Wells Fargo. Related CEO Jorge Perez told The Real Deal earlier this year that the Brazil and Latin America markets largely saved Miami real estate. [Miami Herald]