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Miami is the top destination for foreign buyers

MIAMI — 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).

Miami Foreign Buyers - Fortex Realty

Foreign 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.

“Diverse, 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 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 one percent.

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).

 

by Miami Realtors - Apr 09, 2019

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