Colombia once again posted the most global web searches for South Florida homes in July 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI).
Colombia has now finished No. 1 or No. 2 among the top list of foreign countries searching Miami real estate in each of the last 17 months.
“Miami speaks all languages, welcomes all cultures and celebrates a unique lifestyle,” MIAMI Chairman of the Board Ines Hegedus-Garcia said. “Colombians and all home buyers love Miami because it is young, modern, multicultural, multilingual and growing. Historically, changes in the political landscape have led to more searches and purchases by global buyers in Miami.”
Colombia accounted for 10.75% of all international searches on MiamiRealtors.com in July 2023, near its percentage of searches in July 2022 (12.81%).
Top-10 Countries Searching MiamiRealtors.com In July 2023:
Country Share of International Searches
1. Colombia 10.75%
2. Venezuela 6.77%
3. China 6.20%
4. Argentina 5.66%
5. Spain 5.22%
6. Philippines 4.18%
7. Mexico 4.11%
8. Canada 3.79%
9. Brazil 3.50%
10. India 3.31%
All other countries 46.51%
Top Global Markets For South Florida Real Estate
Argentina purchased the most South Florida real estate among foreign countries in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS®. Argentina buyers purchased 16% of all international purchases in South Florida. Colombia (13%), Peru (8%), Canada (8%) and Venezuela (6% rounded out the top 5, respectively. (Access the report: https://bit.ly/MIAMIGlobalStudy
Florida has finished as the top destination for international buyers for 15 consecutive years, according to the National Association of REALTORS® 2023 International Transactions in U.S. Residential Real Estate. Florida is the No. 1 destination for foreign buyers from Colombia, Canada and other countries, according to the study.
Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2023 Knight Frank Wealth Report. For $1M, homebuyers can purchase 64 square meters of prime property in Miami. That is almost four times more than Monaco (17 square meters), nearly two times more than New York (33) and London (34) and more than Paris, Sydney, Tokyo and more.
When looking at all price ranges, South Florida is also a bargain in comparison to other global cities and U.S. metros, according to the NAR 2023 International Study. Miami–Fort Lauderdale–West Palm Beach’s price per square meter is $3,170, far below at least 30 global cities and 13+ U.S. Metros including markets such as Hong Kong ($28,570), New York City ($17,191), San Francisco–Oakland–Hayward, CA ($8,250), Madrid, Spain ($6,173), Los Angeles-Long Beach–Glendale, CA ($4,740) and Seattle–Tacoma–Bellevue, WA ($4,460).
Top-10 International Cities Searching MiamiRealtors.com In July 2023
1. Bogotá, Colombia
2. Buenos Aires, Argentina
3. Cali, Colombia
4. Medellín, Colombia
5. Caracas, Venezuela
6. Mexico City, Mexico
7. Madrid, Spain
8. Barquisimeto, Venezuela
9. Maracaibo, Venezuela
10. Toronto, Canada
Texas No. 1 State Searching For Miami Real Estate
Texas registered the most domestic Miami real estate web searches in July 2023. New York was the top state for out-of-state buyers in the South Florida area, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members.
Top-10 U.S. States Searching MiamiRealtors.com In July 2023
1. Texas
2. Georgia
3. Illinois
4. Virginia
5. Ohio
6. North Carolina
7. New York
8. Michigan
9. California
10. Washington
Top-10 U.S. Metros Searching MiamiRealtors.com In July 2023
1. Chicago, IL
2. New York, MY
3. Washington, D.C.
4. Atlanta, GA
5. Fargo-Valley City, ND
6. Colombus, OH
7. Norfolk-Portsmouth-Newport News, VA
8. Los Angeles, CA
9. Dallas-Ft. Worth, TX
10. Raleigh-Durham (Fayetteville) NC
Source: Benzinga
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