Wealthy Brazilians investing in Miami Real Estate

Wealthy Brazilians who are facing an economic crisis in their homeland have been investing their money in what they perceive as the best place to invest, the South Florida real estate. Other countries in Latin America like Argentina, Columbia, Mexico and Venezuela are also doing the same. Miami real estate is appreciating while other investments have become volatile.

Despite the high influx of money from the real estate market, Miami locals are not benefitting from this. The income from these high end real estate investments are not helping the locals. Miami workers have experienced wage drop in the past year. Forty Myers beach property management disclosed that Miami has the highest number of renters in the country who allocate more than 30% of their income to pay for their housing.

Miami residents have a few affordable housing choices to choose from in neighborhoods in between luxe coastal development and marshy Everglades. Ned Murray, the associate director of Florida International University’s Metropolitan Center stated that Miami residents do not see the benefits of the income in the local economy. Local businesses are being affected and the loss of the opportunity to build affordable housing have caused Miami workers to move out.

Source: latino.foxnews.com