Miami’s Foreign Buyers Led By Investing Brazilians In 2018
In 2018, South Florida got a very profitable year.
Foreign investors and buyers accounted for around $8.7 billion of residential properties sold during the year. According to World Property Journal, the average was up by $1.6 billion annually. This figure was observed in the 2018 Profile of International Home Buyers Report.
Of all the global buyers who invested or bought homes in Southern Florida, Brazilians were among the top. Brazil was seen as the top foreign country investing in or purchasing Miami real estate through its citizens. Miami, in turn, has remained among the top or is the top destination for foreigners buying properties in the U.S.
Foreign purchases amounted to $1 billion or more. This accounted for $8.7 billion South Florida residential properties already sold in 2018. During a similar time frame, $7.1 billion in properties were sold in 2017, according to the City Government of Miami (MIAMI) and National Association of Realtors (NAR) report. Florida was the top state where foreigners bought property, good enough for a 54 percent rating compared to other states.
The trend in Florida had actually continued on into 2019. During the start of the year, wealthy Americans and foreigners alike have been flocking to the Sunshine State. Fox News reported that Florida was the preferred luxury destination from people from California, New Jersey, and New York, which were being tagged as 'high tax areas.'
Jay Parker, CEO of Douglas Elliman Florida brokerage, said that these New Yorkers and other residents flocking in from different areas were part of the new 'foreign' buyers. The main reason behind their purchases, according to the CEO, included tax benefits, the aging population that left behind great properties, and the lifestyle of those who lived in the state.
Aside from rich foreigners, Miami is also attracting the right kind of attention. Hollywood A-listers have always been setting their eyes on the properties here. Ultra-high net (worth) individuals, as well as pseudo-celebrities such as influencers and YouTube personalities, have also been looking to call South Florida 'home.'
Miami has always been a top destination because, in MIAMI Chairman of the Board Jose Maria "Chepe" Serrano's words, it had diversity, a multi-lingual culture, and it was also located in a subtropical climate. It was the perfect mix to persuade both US residents and foreigners to move into the sunny shores of the US region popularly known as "The Sunshine State."