A recent report has found that Colombians are the top foreign nationality searching for Miami real estate. The report, conducted by the MIAMI Association of REALTORS® (MIAMI), analyzed data from MiamiRealtors.com over four months.
As of June 2022, Colombians accounted for 13.02% of all foreign searches on the website, a 0.68% rise from the 12.34% of total searches last May 2022.
“Miami is certainly a hot commodity for Colombians and other international home buyers,” said Josh Stein, founder and realtor at Josh Stein Realtor. “The interest in Miami real estate is a direct result of our city’s world-renowned status as a global destination for business, tourism, and culture.”
Last year, the MIAMI Association of REALTORS® reported that Colombians were the second-largest group of foreign buyers in Miami-Dade County, accounting for 12% of all real estate sales. Argentina comes in first with a 13% market share.
According to the report, the top five countries searching for Miami real estate are Colombia (13.02%), Argentina (6.50%), Spain (6%), Venezuela (5.98%), and the United Kingdom (515%).
The election of leftist president Gustavo Petro may have contributed to the surge in Colombian searches for Miami real estate. The political uncertainty of the country, paired with Miami’s proximity, makes it an ideal real estate destination for Colombians looking to invest in property.
And with Petro’s recent announcement of a new wealth tax, that uncertainty is likely to continue, driving even more Colombians to look for Miami real estate as a safe investment.
Popular areas in South Florida that Colombians are searching for include Miami Beach condos, Fort Lauderdale, Downtown Miami, Brickell, and Aventura.
The National Association of Realtors also stated that foreign buyers who are interested in real estate investing or simply purchasing a vacation home are increasingly invested in Miami real estate.
International cities that have shown the most interest in Miami real estate include Bogotá, Antioquia, Buenos Aires, Capital District, and Buenos Aires Province, most of which are from Latin America.
This is not surprising given that Miami has long been a popular destination for Latin American residents, especially Colombian buyers, due to its proximity and cultural ties. In recent years, however, there has also been a surge in interest in Miami homes from buyers from Europe and Asia.
“We are seeing an increase in global buyers from countries like the Philippines, Spain, and India,” said Stein. “These buyers are attracted to Miami for its stable economy, diverse culture, and world-class amenities.”
The surge in South Florida real estate interest, despite the COVID-19 pandemic ravaging most of the world, is a testament to the resiliency of the Miami market. It is unsurprising since the city has always been a sought-after destination for international buyers and investors.
Meanwhile, Washington State has been the top U.S. state searching for Miami real estate, followed by Texas and Virginia. New York holds the number one spot for domestic buyers.
The Magic City certainly works its magic on international buyers, and real estate investors as the economy of Miami continues to rebound more robust than ever. With the city’s popularity only expected to grow in the coming years, now is a great time to invest in Miami real estate.
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