Colombia Again The No. 1 Country Searching Miami Real Estate
Colombia posted the most global web searches for Miami homes in December 2022, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia has now topped the list of foreign countries searching Miami real estate in nine of the last 10 months.
Brazil made the largest month-over-month jump in the top-10, moving from No. 12 in November 2022 to No. 7 in December 2022. Changes on the global political landscape have historically led to more global purchases of Miami real estate. Leftist former leader Luiz Inácio Lula da Silva was inaugurated as Brazilian president on Jan. 1, 2023 amid riots in the capital.
“Global buyers purchase in South Florida not just because Miami is a gateway to the world and a secure investment, but because of our acceptance of all cultures,” MIAMI Chairman of the Board Ines Hegedus-Garcia said. “Nowhere else in the world is more welcoming than Miami. This month, World Population Review ranked Miami as the ‘Most Diverse City in the World.'”
Colombia accounted for 11.81% of all international searches on MiamiRealtors.com in December 2022, up from 11.41% in December 2021.
Top Global Markets for South Florida Real Estate
Argentina purchased the most South Florida real estate among foreign countries in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Argentina buyers purchased 16% of all international purchases in South Florida. Colombia (13%), Peru (8%), Canada (8%) and Venezuela (6% rounded out the top 5, respectively. Access the report: https://bit.ly/MIAMIGlobalStudy
Florida has finished as the top destination for international buyers for 14 consecutive years, according to the National Association of REALTORS® 2022 International Transactions in U.S. Residential Real Estate. Florida is the No. 1 destination for foreign buyers from Colombia, Canada, Brazil and other countries, according to the study.
South Florida remains a bargain in comparison to other global cities and U.S. metros, the study showed. Miami–Fort Lauderdale–West Palm Beach’s price per square meter is $3,170, far below at least 30 global cities and 13+ U.S. Metros including markets such as Hong Kong ($28,570), New York City ($17,191), San Francisco–Oakland–Hayward, CA ($8,250), Madrid, Spain ($6,173), Los Angeles-Long Beach–Glendale, CA ($4,740) and Seattle–Tacoma–Bellevue, WA ($4,460).