Brazilians Leading in Florida Real Estate Purchases By Overseas Buyers
Florida real estate has long been the choice of Americans looking for the perfect second home. Between Walt Disney World in Orlando and the gorgeous beaches of South Florida, it’s no wonder so many people choose to take advantage of Florida’s nearly perfect year-round weather. Now, many foreign buyers and investors are getting in on the action, and Brazilians in particular are flooding the real estate market with offers. The U.S. recently slashed the visa wait times for Brazilians, and now, it only takes weeks to get their U.S. visa applications approved whereas the process took months in the past. This is giving them the opportunity to become more familiar with places like Florida, and some are choosing to make an investment in the future.
The U.S. State Department says that average wait times for interviews are less than two weeks in most Brazilian cities now compared to 100 days in 2010. They have added staff at U.S. consulates across Brazil to encourage more travelers to the U.S. And Southern Florida tourism leaders have been chief supporters of increasing the staff, hoping to attract more Brazilians who spend more than any other visitors in the area.
Brazilians are second to Canadians when it comes to international visitors in the state. Last year, more than 1.4 million Brazilians visited Florida, an increase of 38% over the previous year. And now that the visa issue has been sorted out, 2012 numbers are expected to be even greater and increase by double-digits. They’re an important group, having spent more than $2.2 billion in Florida last year. Brazil recently surpassed the United Kingdom as the world’s sixth largest economy.
South Florida has three of the nation's top six spots when it comes to the percentage of foreigners searching online. They include Miami, Fort Lauderdale, and West Palm Beach. Although the number of foreign buyers searching for homes in Florida has tapered off slightly, real estate analysts believe it’s because of price increases. According to Jed Kolko, Trulia’s chief economist, “Foreigners attracted to real estate bargains get turned off when prices increase. Investors want to buy when prices are at their bottom, but they’ll start to lose interest when prices rise 15%, as they have in Miami and Phoenix.”
Miami has been the most notable market for Brazilians, who took advantage of their currency being strong in the post-recession era. Though Brazilian Real has weakened slightly this year, those who bought in the Miami market at the bottom of the market have benefited greatly, and could stand to make a profit if they decide to sell now.
Now is a great time to consider purchasing internationally popular Palm Beach luxury real estate. If you’re interested in learning more about available properties for sale, please contact our team of local real estate agents. We specialize in Palm Beach luxury real estate and we would love to help you find the Palm Beach home or Palm Beach condo of your dreams! Call Palm Beach Premier Real Estate today!
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