Brazilian investors, seeking an alternative to their country’s risky real estate market, are returning to Florida to invest in property and establish an income source in dollars. Back in Brazil, the economic crisis and rising unemployment have sent rents down 5.2 percent in the past year while rents in Miami were stable in the first half of the year.
Brazilians were third among foreigners searching for South Florida real estate in June, according to the Miami Association of Realtors, after Colombians and Venezuelans. Brazil had dropped as low as fifth this year after consistently leading the list from late 2014 through the end of last year. A pied a terre in Miami has long been a popular option for Brazil’s well-heeled but the difference now is that instead of buying condos as second homes, Brazilians are buying multi-units and investing in property management.