Everyone knows that the recent trend in real estate sales in South Florida have been Latin American buyers, who buy in cash. The question remains as to whether this trend will continue with the higher pricing for new purchases, the falling currencies in Latin American countries and the unstable economic environments.
As we noted earlier this week, Brazilians are again the biggest group of overseas buyers searching for second homes and investment properties in Miami, according to the latest data from the Miami Association of Realtors.
Brazil topped the list of countries, second only to the United States, that conducted searches on the association's website in June, after briefly being overtaken by France.
This is despite the weakening of the Brazilian currency in recent months and other Latin American nationalities are also keen on property in Miami with Argentina, Colombia, and Venezuela coming next, followed by Russia, Malaysia, France, Spain, and the United Kingdom.
Interesting for Miami, the Miami Association of Realtors shares listings with Brazilian associations through its landmark International Data Exchange, which promotes members and the South Florida market.
In August, Balneario Camboriu signed an agreement to share listings with the website, further boosting exposure for Miami properties in Brazil.
Miami also promotes the Miami real estate market at international events, including Salon de l'Immobilier in Paris, SIMA in Madrid, and in the upcoming Jornada Internacional Inmobiliaria in Argentina.
The property search statistics are indicative of Miami's status as a major global city or as a safe haven to park money in the stable US market.
Miami is also a top choice for buyers in many US markets with the top number of searches coming from Los Angeles, Atlanta, New York, Dallas, Chicago and New Jersey.
Nationally, Miami is consistently one of the top markets for most of the highest ranking countries searching for property in the US including Canada, Germany, Brazil, Italy, France, the Netherlands, Spain, Russia, and Switzerland. For the first time, it was also a top choice for Turkey in August.