News recently broke that Brazil could be saving the Miami real estate market, but how could that be when it is so far way? It first began when upper middle class Brazilians began purchasing property in Orlando and Miami in the 1990s due to high taxes and interest rates, as well as to avoid tax authorities. Now it has trickled down to the middle class. Given Brazil’s strong currency and increased spending power their middle class is purchasing a large number of Florida properties, according to a Folha de São Paulo study.

Overall, Miami’s improving real estate market has even been linked to the rising GDP in Brazil which was reported by the Association of Foreign Real Estate Investors (AFIRE). As real estate prices here in South Florida are continuously decreasing and those in Brazil are increasing, foreign buyers are continuously looking to purchase across the border. AFIRE EVEN believes Miami could become dependent on the foreign buyers from Brazil as well as other countries.

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Source: Forbes

Image: The Real Deal