The number of foreign buyers in Miami has increased significantly over the past year, making it a hotspot for international real estate. According to the 2023 Profile of International Home Buyers by the MIAMI Association of Realtors, foreign buyers accounted for 18% of all home sales in South Florida, a figure nine times higher than the national average of 2%.
Miami-Dade County leads the region, capturing 72% of South Florida’s foreign buyer market. In 2023, international buyers spent $3.67 billion on residential properties in Miami-Dade, solidifying the area as a top choice for global investors. The appeal lies in Miami’s vibrant lifestyle, cultural diversity, and strategic location near Latin America.
Key insights from the report include:
- Top Countries: Argentina and Colombia are the leading countries of origin for buyers in Miami-Dade. Argentina accounts for 17% of foreign purchases, while Colombia follows closely with 14%. Other significant countries include Venezuela, Brazil, and Mexico.
- Property Preferences: Foreign buyers in Miami-Dade prefer condos in urban areas, using them mainly as rental properties or vacation homes. About 56% of these buyers chose condos, which is significantly higher than the U.S. average of 15%.
- Cash is King: A striking 69% of international transactions in Miami-Dade were paid in cash, far exceeding the national average of 42%. This highlights the financial readiness and commitment of foreign buyers in the area.
- High Spending: Foreign buyers in Miami-Dade spend more on average than those in other parts of the U.S., with a median price of $482,700. Brazilian buyers top the list with a median purchase price of $990,000.
- Rapid Decisions: Many international buyers made quick decisions, with 73% purchasing a property after visiting Florida only once or twice.
Miami-Dade’s attractiveness to foreign buyers ensures a robust and diverse real estate market. The county benefits not only from international interest but also from a significant influx of domestic buyers, particularly from high-tax states like New York, California, and New Jersey. This dynamic has helped Miami-Dade maintain its position as a premier destination for real estate investment.
For more details on the 2023 Profile of International Homebuyer Transations of Miami Association of Miami Realtos,
access the full report here.
About the Author: Liz Kenneally is a seasoned real estate agent in Miami with extensive experience in the city's dynamic market. She is also licensed in community association management. Liz specializes in coveted neighborhoods of Coral Gables, Dadeland, Continental Park, East Kendall, Palmetto Bay, Pinecrest, South Miami, and The Falls, Liz ensures smooth transactions for her diverse clientele. Fluent in both English and Spanish, she can be contacted at 786-423-3348 or through the EMAIL AGENT form provided alongside this blog.