Brazilian investors continue to show strong interest in Miami real estate, according to Bloomberg.com. Many Brazilian investors in Miami have owned second homes here, and more are coming because of better economic conditions than in Brazil. The country has been in an economic crisis, causing unstable rent prices. In the US, however, real estate has been resilient and remains a smart investment.
“Everybody is renegotiating rental contracts down and not up” in Brazil, said Alessandra Ourique, a partner specializing in real estate at Hesketh Advogados law firm in Sao Paulo. “Not to mention defaults.”
According to the Miami Association of Realtors, Brazilians were third among foreigners searching for Miami real estate. While Brazilians have loved Miami for a while, the difference now is that they have become property investors, not just home owners. Co-investors are coming together for multifamily buildings.
“That has become really popular, especially in Miami,’’ Reis’s Severino said. “If you are a wealthy individual, instead of buying one condo for that amount of money, you contribute with some other wealthy people into a fund. And then all of a sudden, instead of you just owning a condominium that sits empty for most of the year, you have a share of a rental stream from larger multifamily properties that start paying income right away.’’
Daniel Ickowicz, a partner at Elite International Realty, said in Bloomberg’s article that South American investors are fond of triple-net leases, in which the tenant is responsible for insurance, maintenance and and taxes in long-term contracts.
As exemplified by the many Brazilian investors in Miami, the city is an amazing place to buy a piece of real estate. Clearly popular with foreigners too, the city has world class amenities Whether you also are looking for a commercial spot, or a residential home, RE/MAX Paradise has great options throughout the city.