The most recent data from the National Association of Realtors (NAR) shows that Florida continues to be the preferred location for Brazilians when it comes to acquiring a home in the United States. During the period from August 2016 to July 2017, the sale of residential properties to Brazilians – whether US residents or not accounted for more than 6% of the total 61,300 units sold and 24 billion dollars in properties sold in this segment in the State. That makes Brazilians the second highest individuals buying real estate in the Sunshine State, other than Canadians.
The South Florida (Miami/Fort Lauderdale/West Palm Beach) and Orlando regions are the area’s most sought after by potential buyers. There is no one reason to explain why this sun-bathed stretch of land arouses so much interest with Brazilians. However to mention a few, there are attractive average priced properties; it is an 8 hour flight from Brazil to Miami, the climate and habits of South/Central Florida are very similar to those of Brazil and being in the center of the international culture and tourism of these cities.
Additionally, figures depicted from Florida Realtors Association, which consist of a coalition of 54 professional associations in this sector, indicate that there has been a 6.9% increase in the number of properties available and only an 8.3% increase in the average prices of the properties available in the State of Florida for the past 2 years, which indicates that buying a property in Florida could be an excellent investment.
The dream of buying a property is closer to becoming a reality. Banco do Brasil Americas provides a simplified real estate financing process, including programs for non – US residents. “There is a misconception among Brazilians that extending credit to foreigners in the US is complicated. On the contrary, the conditions here are far more advantageous, since there is little bureaucracy and the current interest rates are low, currently less than 6% a year. Financing your home can be affordable”¹, said Sandra Mina, Senior Vice President of Residential Lending at BB Americas.
In fact, a large proportion of foreign buyers in Florida (68%, according to the same NAR survey for 2017) purchase the property, at least in principle, for vacations and/or for seasonal rental. Through this, the owner can immediately receive income from rent, in dollars, which could be sufficient to cover finance payments as well as maintenance costs on the property. This is without mentioning appreciation on the property, which was an average of 8% last year in two of the major metropolitan areas in Florida – Miami and Orlando – according to the NAR.
There are still more reasons to choose Florida as the place to live or to invest in the solid US Real Estate market, which are important aspects to consider in choosing the best property for your family and for your budget:
- The Gross Domestic Product of Florida is expected to reach US$ 1 trillion in 2018, driven by the solid performance of the tourism and real estate markets. This GDP is greater than that of the Netherlands or Switzerland, two of the richest countries in Europe, and places Florida among the 20 largest economies in the world. The World Bank expects growth at a rate of 3% per year up to 2019, which will surely stimulate many industries and will generate jobs and infrastructure investment in the State.
- Florida received close to 120 million tourists last year, according to Governor Rick Scott. With this level of economic activity, there is always strong demand for housing, especially as there is a worldwide trend among visitors to opt for the convenience and economy of seasonal rental.²
- Although it is difficult to define the average price of a residential property in metropolitan areas in Florida due to variations in location, structure and even the quality of nearby schools, the Zillow website estimates that a square foot in the State of Florida costs around 163 dollars – which is less than other regions, such as California and New York – with an estimated appreciation of 3.1% in 2018.³
Therefore, whatever your financial position, to buy a property in the United States might become a reality.
¹All the programs are subject to credit approval and program requirements. Terms & conditions and rates are subject to change without notice.
²This information was retrieved from an interview conducted by the Fox Network with Governor Rick Scott.
³This information was obtained from source: www.Zillow.com