In 2015, foreign buyers continued to drive the South Florida real estate market.
62 percent of international buyer sales are made in Venezuela, Brazil, Argentina, Colombia, and Canada. propertyfinder
According to the Miami Association of Realtors and the National Association of Realtors (NAR2015 )’s Profile of International Home Buyers for the Southeast Florida Market, foreign real estate buyers continue to strengthen the Miami and South Florida real estate market, accounting for 36 percent of total sales volume ($6.1 billion).
The yearly poll rates countries of origin and emphasizes key features of foreign buyers, with data for Miami-Dade, Broward, and this year’s addition of Palm Beach and Martin counties.
According to NAR’s 2015 Profile of Home Buying Activity of International Clients, Florida is the top state for international purchasers, accounting for 21% of all foreign purchases in the United States. According to the 2015 Profile of International Home Buyers in Florida, Miami and Fort Lauderdale account for half of all international sales in Florida.
Miami continues to attract more foreign purchasers than the rest of the United States. In comparison to the previous year, the number of agents dealing with international buyers climbed by four percentage points to 74%. According to NAR, this is more than double the national level of 35%.
In terms of dollar volume of sales in the Southeast Florida property market, Miami-Dade County accounts for the bulk (78.9%), followed by Broward (18.0%), Palm Beach (2.7%), and Martin counties (.03 percent). In South Florida, unit sales accounted for 22% of total sales.
South Florida’s Top Investing Countries
Venezuela, Argentina, Brazil
Colombia is a country in South America.
Canada is a country that has a
Mexico is a country in Central America.
France and Italy are two of the most powerful countries in the world
Venezuela, Brazil, Argentina, Colombia, and Canada are the top five countries of origin for buyers in South Florida, accounting for 62 percent of total closed purchases.
Mexico, France, and Italy are among the leading nations of origin. Ecuador, Spain, Russia, the Dominican Republic, Chile, China, the United Kingdom, and Peru are among the next tier countries.
Venezuela, Argentina, Brazil
Colombia is a country in South America.
Italy and Mexico are two countries that share a border.
Canada, Ecuador, France, and the Dominican Republic are among the other top countries.
Consumers from Canada and Venezuela are the top countries of origin for real estate purchases in Broward County.
Colombia is a country in South America.
Argentina is a country in South America.
Brazil is a country in South America.
India and Russia are two of the world’s most populous
Consumers from Canada (32%) and Brazil (28%) are the leading countries of origin for real estate buyers in Palm Beach County, while those from China (51%) and Canada (28%) are the top buyers in Martin County (34 percent ).
Highlights from the survey include:
Foreign buyers in South Florida pay a higher price for a home than domestic buyers. Foreign buyers paid an average of $590,000, compared to an average of $329,869 and a median of $215,000 in the United States.
The majority of the transactions were conducted entirely in cash (75 percent ).
Condominiums (52%) in central/urban regions (61%) are preferred, as they expect to use them mostly for holiday and rental investment purposes (71 percent ).
Intend to use the property as a holiday rental and/or rental property (71 percent ).