Brazil is back: Brasileiros lead foreign investment in South Florida homes in 2018

Foreign investment rose 22.5 percent to $8.7B last year, despite a 7.5% decline in homes purchased

Miami /
Apr.April 09, 2019 11:30 AM

Brazilian buyers are back in South Florida

Miami real estate agents have one reason to be happy – Brazilian buyers are back as a dominant buyer pool in South Florida, amid an increase in foreign investment.

Political turmoil in Brazil and a strong dollar have kept buyers away from South Florida in recent years – until now. Brazil ranked as the top country buying South Florida homes in 2018, according to a new report from the Miami Association of Realtors.

In 2018, international buyers spent $8.7 billion on residential properties in Miami-Dade, Broward and Palm Beach counties, up 22.5 percent from $7.1 billion in 2017. Foreign buyers acquired 14,300 homes in 2018, 1,000 or 7.5 percent fewer properties than the previous year, according to the report.

Brazil ranked No. 1 for the first time since the association began tracking foreign investment in 2012, representing 12 percent of all foreign purchases of homes in the tri-county region last year. Colombia and Venezuela tied for the second spot with 11 percent, each, followed by Argentina and Canada with 8 percent each. Mexico, France and Italy tied with 4 percent, each; and the United Kingdom, China, Peru and Ecuador had 3 percent, each.

In 2017, Argentina topped the list, followed by Venezuela, Canada and Colombia. Foreign investment in residential real estate in the tri-county area in 2018 represented 54 percent of all international sales in Florida, which ranks as the top state for such investment. Orlando was the second market for international sales with 9.4 percent of sales in the Sunshine State. South Florida represents about 9.5 percent of all U.S. international home sales, according to the report.


Related Articles

arrow_forward_ios
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...