Global home buyers increased their spending on South Florida homes,
Brazil became the No. 1 foreign country purchasing Miami real estate and
Miami remains the No. 1 U.S. destination for global consumers,
according to the latest Profile of International Home Buyers of the MIAMI Association of Realtors (MIAMI)
conducted by MIAMI and the National Association of Realtors (NAR).
buyers purchased $1 billion more, now $8.7 billion of South Florida
residential properties in 2018, up from $7.1 billion in 2017, according
to the MIAMI and NAR report. MIAMI international buyers purchased 14,300
properties, only 1,000 less from 2017 (15,300). Florida is the No. 1
state for foreign buyers and our South Florida foreign buyers accounted
for a staggering 54 percent of all Florida international home sales,
according to the Florida Realtors 2018 Profile of International
Residential Real Estate Activity in Florida. Orlando finished No. 2 with
9.4 percent, and Tampa is No. 3 with 9 percent. About 9.5 percent of
all U.S. international home sales happen in South Florida. Miami is the
top destination for foreign buyers.
multilingual and located in a subtropical climate, it is easy to see
why Miami remains the top U.S. destination for international home
buyers,” MIAMI Chairman of the Board José María “Chepe” Serrano said.
“South Florida welcomes all cultures, is growing its economy, adding
cultural institutions and attracting more corporate companies.”
South Florida Registers More than Half of all Florida International Home Sales
Florida is the top U.S. destination for foreign buyers (19 percent of
all sales), according to NAR’s 2018 Profile of International
Transactions in U.S. Residential Real Estate. More than half of all
international home sales in Florida (54 percent) happen in Miami-Fort
Lauderdale-West Palm Beach, according to the Florida Realtors 2018
Profile of International Residential Real Estate Activity in Florida.
South Florida secures about 9.5 percent of all U.S. international home sales.
Miami-Dade County Has the Largest Share of South Florida Foreign Buyers
Miami-Dade County accounted for the largest share of South Florida’s
foreign buyers (65 percent in 2018; 64 percent in 2017). Broward County
saw an increase in foreign buyers (31 percent in 2018; 25 percent in
2017). Palm Beach County had 4 percent, the same as in 2017. Martin
County had less than 1 percent, and other counties recorded less than
About 51 percent of all South Florida international
home sales take place in Miami-Dade County, according to the new MIAMI
and NAR report. Foreign buyer sales increased for the following South
Florida counties: Broward (32 percent in 2017, up from 27 percent in
2016) and Palm Beach (9 percent in 2017, up from 4 percent in 2016).
Brazil: The No. 1 Foreign Country Buying South Florida Real Estate
Brazil finished as the No. 1 foreign country purchasing South Florida
real estate for the first time since MIAMI and NAR began conducting the
study seven years ago.
The 12 top countries of origin for consumers purchasing properties in South Florida are:
- Brazil (12 percent of South Florida foreign purchases)
- Colombia and Venezuela (11 percent each)
- Argentina and Canada (8 percent each)
- Mexico, France and Italy (4 percent each)
- United Kingdom, China, Peru and Ecuador (3 percent each)
top tier countries of origin — Brazil, Colombia, Venezuela, Argentina,
Canada, Mexico, France, Italy, United Kingdom, China, Peru and Ecuador—
account for 74 percent of total South Florida international closed
The South Florida market top tier of countries continues:
- Dominican Republic
- Costa Rica
Florida’s foreign buyers hail from more than 50 countries: Australia,
Albania, Angola, Antigua, Austria, Argentina, Bahamas, Barbados, Brazil,
Bolivia, Canada, China, Chile, Colombia, Costa Rica, Dominican
Republic, Ecuador, El Salvador, France, Germany, Greece, Guatemala,
Haiti, India, Italy, Japan, Israel, Jamaica, Liberia, Mexico,
Netherlands, Nicaragua, Paraguay, Peru, Philippines, Portugal, Puerto
Rico, Russia, Spain, Surinam, Sweden, Switzerland, Trinidad, Turkey,
Ukraine, United Kingdom, Uruguay, Venezuela, and Middle East countries.
Brazil is the No. 1 Country Buying in Miami-Dade County
The top countries of origin for consumers purchasing properties in Miami-Dade are:
- Brazil (17 percent)
- Venezuela (13 percent)
- Argentina (10 percent)
- Colombia (9 percent)
- Unknown (7 percent)
- Canada and Dominican Republic (4 percent each)
- Italy and China (3 percent each)
countries that purchased properties in Miami-Dade included Chile,
France, Mexico, Peru, Russia, Spain, Cuba, Ecuador, India, Panama,
United Kingdom, Egypt, Estonia, Nicaragua, Israel, Romania, Switzerland,
Trinidad and Tobago.
Colombia is the No. 1 Country Buying in Broward County
The top countries of origin for consumers buying real estate in Broward County are:
- Colombia (18 percent)
- Venezuela (13 percent)
- Brazil (11 percent)
- Canada (10 percent)
- Argentina, Dominican Republic, Ecuador, Peru and Unknown (5 percent each)
countries that purchased properties in Broward included Barbados,
Bolivia, China, Costa Rica, El Salvador, Germany, India, Israel,
Jamaica, Japan, Portugal and Russia.
Canada is the No. 1 Country Buying in Palm Beach County
The top countries of origin for consumers buying real estate in Palm Beach County are:
- Canada (57 percent)
- Brazil (10 percent)
- Argentina (5 percent)
Other countries that purchased properties in Palm Beach included Chile, China, France, Portugal and the United Kingdom.
Foreign Home Buyers Spend 27.6 Percent More on Average in South Florida vs. Nation
Foreign home buyers spend significantly more on real estate than other
buyers, and South Florida real estate buyers spend a higher median price
than other international buyers in the state of Florida or nationally.
international home buyers spent a median price of $373,000 for
residential properties in 2018. In comparison, foreign buyers of Florida
Realtors members had a median price of $286,500 while foreign buyers in
the United States spend $292,400.
Non-resident foreign buyers
(Type A), who are non-U.S. citizens with permanent residences outside
the United States, accounted for 63 percent of MIAMI’s foreign buyers
compared to 39 percent nationally.
58 Percent of South Florida International Buyers Paid in Cash
According to the new MIAMI and NAR survey, about 58 percent of all
international residential transactions in South Florida were made in
all-cash. In comparison, about 47 percent of U.S. buyers paid cash.
Florida international home buyers prefer condominiums (53 percent) in
the central/urban areas (51 percent), which they intend to use mainly as
residential rental, vacation home or both (66 percent).
5 Percent of South Florida Foreign Buyers Purchased Homes Without Even Visiting
About 5 percent of South Florida foreign buyers purchased local homes
without even visiting Florida in 2018. About 12 percent purchased with
just one visit to Florida; 27 percent purchased with two visits; 22
percent bought after visiting Florida three times.
percent of MIAMI members worked with an international consumer in the
past 12 months. That’s more than three times the national figure of 23
Survey results reflect MIAMI’s commitment to increasing
South Florida’s real estate brand worldwide and the Miami real estate
market’s position as a top international destination.
MIAMI has 212 partner organizations worldwide and conducts international outreach on a global level.
The 2018 survey provides information on the international residential
transactions of MIAMI members from August 2017 to July 2018.
Click here to access the full report.
Article from MIAMI Association of Realtors