Miami Emerges as Top Destination for Foreign Property Buyers
International Home Buyers Attracted to Miami Real Estate
The Miami real estate market has experienced a surge of investor interest, with buyers from South American registering the highest volume of online searches for homes there.
Colombia has led the rankings compiled by the Miami Association of Realtors for three months in a row with Venezuela and Brazil in second and third while there has been a surge of interest from buyers in the UK and the Philippines.
‘Despite the strength of the US dollar, international home buyers continue to search, buy and invest in Miami real estate. With 51% of its population foreign born, Miami has a unique history of welcoming and embracing all cultures. International home buyers feel at home here,’ said Mark Sadek, chairman of the board of the association.
Colombians tied with Argentinians in purchasing the third most Miami real estate among foreign countries, according to the 2015 Profile of International Home Buyers report.
The research shows that Colombians moving to South Florida are often upper middle class families who want to enjoy their prosperity earned in their homeland as professionals and entrepreneurs.
The data also shows that Colombians spend the second most on South Florida property among foreign buyers. The $516,000 average purchase price of Colombians tied with Argentina with Brazil top, spending $766,000.
Potential buyers from both the Philippines and the UK increased their online interest in South Florida real estate in February 2016. The Philippines ranked fifth, the country’s highest finish, for three consecutive months. The United Kingdom improved from last month’s eighth place ranking to finish seventh.
Miami tops the table for overall real estate demand in the United States, followed by Los Angeles, Bellingham, Washington State, Honolulu and then Kahului in Hawaii, Orlando, New York, Tampa, Houston and Seattle.