According to The 2017 Profile of International Home Buyers of Miami Association of Realtors, “foreign home buyers spent more on South Florida homes and purchased more local residential properties in 2017 than in the year before.” Foreign buyers purchased $7.1 billion of South Florida residential properties last year up from $6.2 billion in 2016. According to the Miami Association of Realtors and NAR report, foreign buyers accounted for 29 percent of Florida’s $24.2 billion of international dollar sales volume. International buyers purchased 15,400 properties, a 41.3 percent increase from one year ago (10,900). Foreign buyers accounted for 35 percent of closed sales and 24 percent of Florida international sales.
Florida is the top U.S. destination for foreign buyers (22 percent of all sales), according to NAR’s 2017 Profile of International Activity in U.S. Residential Real Estate. More than half of all international home sales in the entire state of Florida (53 percent) happen in Miami-Fort Lauderdale-West Palm Beach, according to the Florida Realtors® 2017 Profile of International Residential Real Estate Activity in Florida. South Florida secures about 11 percent of all U.S. international home sales.
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).
“International buyers continue investing in South Florida and Miami because they see the economic potential of America’s youngest major city,” said Miami broker George C. Jalil, the 2018 MIAMI chairman of the board. “Diverse, multilingual and located in a subtropical climate, Miami has significantly expanded its cultural institutions, is adding jobs and attracting more corporate companies.”
Top Countries Investing in South Florida
The countries of origin for consumers purchasing properties in Miami-Dade, Broward, Palm Beach and Martin counties are:
- Argentina (15 percent of South Florida foreign purchases)
- Venezuela (11 percent)
- Canada and Colombia (9 percent each)
- Brazil (8 percent)
- France, Ecuador and Mexico (4 percent each)
The top tier countries of origin — Argentina, Venezuela, Canada, Colombia, Brazil, France, Ecuador and Mexico — account for 64 percent of total South Florida international closed sales.
Breakdown of Foreign Buyers by County
- Venezuela: 12%
- Argentina and Brazil: 9% respectively
- Colombia: 5%
- France: 4%
- Ecuador and Italy: 3% respectively
- Canada: 12%
- Argentina: 8%
- Brazil, Colombia and Venezuela: 6% respectively
Palm Beach County
- Canada: 31%
- Brazil: 15%
If your are an International Investor looking to invest in South Florida Real Estate, please follow the 10 steps below for a smooth global transaction.