Are Brazilians Still Buying—or Not?

MIAMI—Once again, Brazil leads all foreign countries searching for South Florida real estate on the Miami Association of Realtors website in February 2015. The South American country, which topped all global consumers searching Miamire.com in the same period last year, regularly ranks among Miami's top foreign buyers.

Here are some quick stats: Brazilians registered 11% of all South Florida international real estate deals in 2014, according to a recent report conducted by the National Association of Realtors. Brazil had the third-most property transactions in Miami and Broward Counties among all global consumers, trailing only Venezuela (16%) and Argentina (12%).

What's more, Brazilians spend the most on South Florida properties among foreign buyers, paying an average of $495,000. On average, Miami's international buyers paid $444,000 per purchase. That compares to $245,000 statewide.

“Miami is an international city with world-class amenities, and that's a big draw for Brazilians,” says Christopher Zoller, the 2015 Residential President of the Miami Association of Realtors. “Typically, the Brazilians moving to South Florida are upper-middle-class families who want to enjoy their prosperity earned in Brazil as professionals and entrepreneurs.”

Peggy Fucci, CEO of OneWorld Properties tells GlobeSt.com Brazilian buyers are indeed “very active” in the South Florida market. In fact, she says, they are currently the number one foreign buyers of Paramount Miami Worldcenter.

Paramount Miami Worldcenter is located on Biscayne Bay and surrounded by the American Airlines Arena, Adrienne Arsht Center, and the Pérez Art Museum Miami. The tower will be within walking distance of the new pedestrian 7th Street Promenade, which will be home to premier restaurants and outdoor cafes.

“Brazilians have always seen South Florida as a wonderful location to purchase a second home,” Fucci says. “However, given the current political climate in Brazil, these buyers are now viewing their purchase as their future or part-time home.”

Fernando de Nuñez y Lugones, executive vice president of ONE Sotheby's International Realty's development division, tells GlobeSt.com he has seen—and

continues to see—a strong presence of Brazilian buyers in South Florida's luxury residential market.

“These buyers are looking to acquire second homes, rather than investment properties, which is good for the market,” he says. “Ocean front properties are very popular with these buyers and they are also very active in Brickell and more recently Fort Lauderdale.”