Moneycorp, the international payments specialist, saw a notable increase in the number of Brazilians choosing to invest in Florida property this March.
Despite fluctuations in the Brazilian real’s strength against the greenback, US property continues to prove highly attractive to Brazilian investors – with moneycorp noting a 74 per cent increase in property-related international payments from Brazil to the US when comparing March 2014 and March 2015.
In March 2015 the real was trading at 3.07, its lowest mid-price point against the dollar during the month of March in the last decade. However, these unfavorable rates don’t seem to have lessened Brazilian appetite for US property – with a number of factors instead influencing Brazilians’ scramble to secure residential and commercial real estate.
“The combination of the strong US economy, growth in Florida’s property market and easy availability of direct flights from Brazil to the Sunshine State clearly appeal to Brazilian investors,” says Kelly Cutchin, Country Manager – USA, moneycorp.
“Despite the poor exchange rate, we’re seeing a continuation of the trend of Brazilians investing in Floridian property,” Cutchin continues. “They’re snapping up second homes but, unlike other foreign investors, they tend not to rent them out.
“Unlike Brits, who tend to purchase with the intention of making a return on their investment, we’re hearing from our Brazilian clients that their primary motive is to purchase the property as a nest egg, rather than as purely a business venture.
“British investors tend to favor short-term vacation rental properties in the US$200,000-300,000 price range, whereas Brazilians are after much larger properties. Many of the Brazilian investors we see are spending on average US$400,000-500,000 per property. These investors aren’t stopping at one property either, with some buying two or even three in the same community.
“It’s great to see demand for the region’s commercial and larger residential properties grow. With a new public rail system and an increased focus on culture and new amenities, central Florida’s appeal is certainly increasing.”
For more information, visit www.moneycorp.com.
