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Latin Times
Latin Times
National
Rocío Magnani

Latino buyers dominate Miami's foreign real estate market, leading country rankings

In terms of sales volume, Brazil tops the ranking of the foreign buyers in Miami during 2023. (Credit: Freepik)

Latin American countries accounted for approximately 60 percent of foreign real estate buyers in Miami, according to a recent study conducted by the MIAMI Association of Realtors.

The findings showed Colombia topping the list, with 14.7% of purchases made by foreign buyers in Miami between August 2022 and July 2023.

The country was closely followed by Argentina, whose nationals accounted 13.7% of all purchases. Brazil and Venezuela followed suit with 6.7% and 6.4%, respectively.

Canadians were the first country from outside Latin America, completing the top five with 6% of the total. Mexicans (5%), Peruvians (5%), Ecuadorians (5%), Chileans (4%), and French (3%) comprised the rest of the top ten.

Top Miami foreign buyers by country in the 2023, according to a study. (Credit: Miami Association of Realtors)

The study also ranked countries based on the overall amount of sales. There, the list was different: Brazil topped the ranking with a median purchase price of $990,000, significantly higher than its South American counterparts. Venezuelans destined a median of $521,500; the figure being $446,800 for Colombians.

The report highlighted that the majority of buyers from Latin America intended to use the house for rental purposes or as a vacation home, with the exception of Venezuelans, 49% of whom sought of making it their primary residence.

Intended use of property among top 5 foreign countries. (Credit: Miami Association of Realtors)

In comparison, only 13% of Brazilian buyers made the purchases with that purpose, the figure being 10% for Colombians, 8% for Argentinians, and 5% for Canadians.

Most Brazilians (57%) said they would use the property solely for vacations, while the majority of Argentinians (68%) and Colombians (54%) intended to use it for rental purposes only.

Florida's real estate sector stands out as the most appealing destination in the United States for international buyers, accounting for 23% of foreign buyer transactions in the country.

Within the state, the Miami-Ft. Lauderdale-West Palm Beach metro area is the largest foreign buyer market, attracting 47% of Florida's foreign buyers.

Miami foreign buyer dollar volume in billion dollars. (Credit: Miami Association of Realtors)

During the August 2022— July 2023 period, foreign buyers purchased $5.1 billion of single-family homes, townhomes, and condominiums in 6,200 transactions through Miami realtors. Foreign buyers accounted for 18% of MIAMI members' total sales volume compared to 2% nationally and 6% in Florida.

The figure marked a sharp 30% decrease from the $6.8 billion recorded in 2022 and mirrored that of 2021, when the economic fallout from the Covid-19 pandemic lingered.

© 2024 Latin Times. All rights reserved. Do not reproduce without permission.

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