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Brazilian investors seeking shelter from their country's risky property market are turning to Florida to invest.
Miami has long been a home for Brazil's wealthy to place their dollars. Within the past year, economic crises in Brazil and growing unemployment caused rents to drop 5.2%, while Miami's rents have been stable since the first half of the year, Bloomberg reports. What's different now is more investors are looking to property management instead of purchasing a second home.
The protections afforded landlords in the US have proved beneficial, as owners have the right to enforce their lease agreements should renters cease to pay. In Brazil, owners don't always have that luxury. Brazilian investors were the third-largest group among foreign investors to search for real estate in South Florida in June, according to the Miami Association of Realtors. [Bloomberg]
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