South Florida foreign buyer share increased year-over-year and is now nine times larger than the U.S. figure, according to the new 2023 Profile of International Home Buyers of the MIAMIAssociation of Realtors (MIAMI) released today. The 14th annual report, which includes 56 pages of data on foreign home buyer purchases in South Florida, details why Miami remains America’s No. 1 international real estate market.
South Florida foreign buyer share — foreign buyer residential purchases as a percent of dollar closed sales — increased to 18% in 2023. That is nine times larger than the U.S. figure (2%) and more than two times larger than Florida (6%).
“Miami global sales continue to lead the world,” MIAMIChairman of the Board Ines Hegedus-Garcia said. “An incredible 52 countries purchased real estate in Miami in 2023, buying $5.1 billion in real estate. No other market can compare to those figures, and it’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 purchasing properties in South Florida are:
1. Colombia (15% of foreign buyer share)
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%)
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