Despite the slowdown in Latin America, Miami remains the top foreign buyer market.
Despite economic slowdowns in Latin America and Western Europe, Miami’s real estate market remains a top destination for foreign purchasers, according to the 2014 Miami International Buyer Survey conducted by the National Association of Realtors (NAR) for the Miami Association of Realtors. qatar dale
Miami has more international purchasers than the rest of the United States. Seventy-two percent of members in Miami-Dade and Broward said they have worked with an international client. According to NAR, this is significantly higher than the national average of 28%.
“International purchasers have long been drawn to Miami’s world-class art, beaches, and facilities,” said Christopher Zoller, a prominent Coral Gables Realtor who served as the Miami Association of Realtors’ Residential President in 2015. “The proximity of South Florida to Latin America and the Caribbean, as well as our more than 1,000 global enterprises, provide a plethora of prospects for international real estate buyers. In the face of turbulent economies in their home countries, South Florida real estate is seen as a safe haven for money.”
South Florida’s Top Investing Countries
The majority of international purchasers in South Florida are from Latin America (approximately 68 percent), however numerous North American and European countries also feature among Miami’s top foreign purchasers. Consumers from the following countries are the most common buyers in Miami-Dade and Broward counties:
Venezuela is a country in South America.
Argentina is a country in South America.
Brazil is a country in South America.
Colombia is a country in South America.
Canada is a country that has a
France is a country in Western Europe.
Mexico is a country in Central America.
Italy, Ecuador, and Peru are three of the world’s most populous countries.
South Florida’s foreign investment was also broken down by county in the NAR’s 2014 International Buyer Survey. Consumers from the following countries are the most likely to purchase property in Miami-Dade:
Venezuela is a country in South America.
Argentina and Brazil are two countries that share a border.
Colombia is a country in South America.
France is a country in Western Europe.
Canada and Mexico are two countries that share a border.
Italy is a country that has a
Peru, Spain, Ecuador, the Dominican Republic, and Chile are among the countries involved.
Consumers from the following countries are the most likely to purchase real estate in Broward County: Canada, the United States, and the United Kingdom.
Venezuela is a country in South America.
Argentina is a country in South America.
Colombia is a country in South America.
Brazil is a country in South America.
Mexico is a country in Central America.
China, Ecuador, Chile, France, Germany, and the United Kingdom are among the countries involved.
Additional statistics on foreign buyers in Miami include:
In South Florida, foreign buyers spend more on real estate than domestic buyers. The average purchase price paid by international clients is $444,000, which is greater than the average buy price paid by all Florida closed sales ($245,000) and the median sale price in Miami-Dade ($215,000) and Broward ($185,125).
When compared to all other buyers in Florida, you should purchase higher-end residences.
Around 28% of international purchasers in South Florida purchased homes for $500,001 or more.
Condominiums in central/urban regions are preferred, as they aim to use them mostly for holiday and rental investment purposes.
International buyers prefer to pay cash for their properties rather than taking out loans. In South Florida, over 81 percent of international purchasers pay cash for their homes. Approximately 90% of new building sales are made entirely in cash.