Brazilians Buy Miami Vacation Condos at Bargain Prices as Real...

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Auditorio Ibirapuera ????

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Churraseira

Praia do Forte - Brazil.

Mundo Mágico de Escher ? Shopping Tijuca escada stairs Rio de Janeiro on Flickr.

Bruna Erhardt for Vogue Brazil

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Brazilians Buy Miami Vacation Condos at Bargain Prices as Real Gains 45%.

Surging real estate prices in Brazil and the currency’s 45 percent gain against the U.S. dollar since 2008 are sending Brazilians to South Florida in search of bargain vacation homes and property investments. That’s helping bolster Miami’s condo market, with total sales increasing 79 percent in the first five months of 2011 from a year earlier, according to data from the Florida Association of Realtors released today.

In the Miami area, Brazilians bought 9 percent of homes and apartments sold to international buyers in the 12 months through March 2010, behind only Canadians and Venezuelans, according to the Miami Association of Realtors. Since then, “anecdotal evidence certainly points to a significant increase,” said Lynda Fernandez, a spokeswoman for the group. In May, international clients bought about 60 percent of existing houses and condos and 90 percent of newly built homes, the association reported today. (Bloomberg)