South Florida by the numbers: Focus on Miami-Brazil connection
“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
When Brazil observes its Independence Day on September 7, the 44,000-plus Brazilians who live in Miami (plus the many visiting tourists) are sure to celebrate. It’s a little ironic, when you think about how dependent Miami has become on its South American neighbor over the past five years. Brazil is regularly Miami’s top international tourism market, and Brazilian buying power has paced the city’s dramatic real estate resurgence. In 2014, Brazilians accounted for 11 percent of all international real estate deals in South Florida and spent more “per property” on average when compared to other international buyers, according to NAR research.
But with Brazil now facing some economic troubles, how long can this relationship endure? Let’s take a look in this “Miami-Brazil Connection” edition of Sur da Flórida Pelos Números…er…South Florida by the numbers.
1: Brazil’s ranking among foreign countries searching for South Florida real estate online, according to the Miami Association of Realtors. Over the past 18 months, Brazil has dominated these rankings for all but three months. [The Real Deal]
31: “Cents to the dollar” exchange rate for the real (Brazil’s currency) as of April 8, a drop of 13 cents from one year earlier. This is just one item of challenging economic news coming from Brazil in recent months, suggesting that Brazilian investors may start looking for less extravagant South Florida properties. [Miami Herald]
22: Number of new millionaires generated in Brazil each week. According to this NBC News report, many of them, “flush with cash from a strong economy,” are finding homes and shopping opportunities in Miami and Miami Beach. [NBC News]
10: Number of Giraffas Brazilian Grill franchises currently in Florida, with a national goal of 150 stores by 2020. RE/MAX Advance Realty, a Miami firm, was recently appointed the exclusive commercial real estate agency for the “fast-casual” restaurant chain. [PRweb]
$175 million: Price HFZ Capital Group paid for the Shore Club in 2014. The company recently announced that Brazilian hospitality company Fasano will operate the site’s new luxury hotel and condominium. This will be Fasano’s first hotel outside of South America. [The Real Deal]
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.