The participation of foreign buyers in South Florida has increased compared to the previous year and is now nine times greater than that of the U.S., according to the new 2023 Profile of International Home Buyers from the MIAMI Association of Realtors (MIAMI), released today. The 14th annual report, which includes 56 pages of data on residential property purchases by foreigners in South Florida, details why Miami continues to be the number 1 international real estate market in America.
The participation of foreign buyers in South Florida — residential purchases by foreigners as a percentage of closed sales in dollars — has risen to 18% in 2023. This is nine times greater than that of the U.S. (2%) and more than twice that of Florida (6%).
“Miami’s global sales continue to lead the world,” said Ines Hegedus-Garcia, chair of the MIAMI board. “An incredible 52 countries purchased properties in Miami in 2023, acquiring $5.1 billion in real estate. No other market can compare to these numbers, and that’s because Miami is a unique blend of vibrant lifestyle, cultural diversity, innovative FinTech scene, modern architecture, eclectic shopping, our proximity to Latin America, and iconic beaches – a city that truly embodies the spirit of possibility in every aspect.”
The top countries of origin for consumers buying properties in South Florida are:
1. Colombia (15% of foreign buyer participation)
2. Argentina (14%)
3. Brazil (7%)
4. Venezuela (6%)
5. Canada (6%)
6. Mexico (5%)
7. Peru (5%)
8. Ecuador (5%)
9. Chile (4%)
10. France (3%)