According to report released by Florida RealtorsBrazil has overtaken Argentina as the largest real estate investors in South Florida. In the Orlando metropolitan area, Brazil also leads the international markets - as we reported in a previous email. Miami-Dade continues to be an attractive destination for foreign buyers, accounting for 65% of real estate purchases. The largest group are Latin Americans, who continue to trust the city as an investment opportunity.
Brazilians accounted for 17% of international buyers, followed by Venezuelans with 13%, Argentinians with 10%, Colombians with 9% and Dominicans and Canadians with 4%.
The total value of properties sold to foreigners rose in 2018 to US$8.7 billion, compared to US$7.1 billion in 2017.
Condominiums remained the preferred purchase for foreigners, although the number of condominiums sold fell to 14,300 in 2018, compared to 2017, when 15,300 were sold.
Foreigners generally buy more expensive properties, and the average price of the apartments and houses they bought rose from US$339,300 in 2017 to US$373,000 last year.