Brazilians buy 9% of the properties in U.S. city and have legal support of law firm
The last two years will go down in history as those in which the Brazilians finally moved to Miami. With the devaluation of the dollar in the first half and the housing crisis in the United States, investing in real estate has become a highly profitable business. According to Bloomberg, a provider of specialist financial market information, customers in Brazil bought about 50% of the projects above $ 500,000 in central and 1 million in Miami Beach. Brazilian buyers represent 9% of total sales in the city, behind Canadians and Venezuelans, according to the Association of Realtors Florida.
"Some investors have also purchased gas stations, import companies and even property managers", explains Alexandre Piquet, Managing Partner of Piquet Law Firm which specializes in providing legal support to foreign nationals in Florida. Alexandre Piquet has assisted international clients for over 11 years and his law office, Piquet Law Firm, advises the customer from the beginning of the buying process to post-closing. "We provide funding and credit from banks, sending the payment in the converted values. Additionally, we transfer deeds and work with foreigners in the immigration process who wish to obtain a visa when purchasing property in Florida,” says Piquet, who was born in Belo Horizonte and holds a law degree in Brazil and Florida. .
Between the years of 2009 and 2011, the office served nearly 1,500 Brazilian investors. "They are at least 50 closings per month, 95% with the same needs. Customers feel more secure with someone who speaks Portuguese," he says. In addition to advising large real estate companies such as Remax, Sotheby's and Fortune, the lawyer gives legal support to the company of his brother, Piquet Realty, a real estate agent, who in 2011 should reach 350 million in sales.
Keeping an eye on new markets, Piquet will officiate in the coming weeks the opening of a branch of Piquet Law Firm in New York. "Brazilians have also begun to invest in the city. It will be the new boom," he anticipates.
- Average price of property: From U.S. $ 150 thousand to $ 5 million
- On average, the values ??are 30% lower than five years ago
- The interest rates are on average 5% per year, compared with 10% in Brazil
- The property tax in Miami is 2% of property value
- Among the local brokers, 9% are Brazilian
- It is estimated that there are between 250 thousand to 300 thousand Brazilians living in Miami
Source: Association of Realtors Florida; SP / Case-Shiller Home Price Indexes, Consulate of Brazil in Miami