MIAMI — China posted the most global web searches for Miami homes in February 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI). China edged Colombia, which has now finished No. 1 or No. 2 among the top list of foreign countries searching Miami real estate in each of the last 12 months.
“Global buyers have accelerated their searches and purchases of South Florida real estate with fewer COVID restrictions and political-economic shifts abroad,” MIAMI Chairman of the Board Ines Hegedus-Garcia said. “China recently lifted its zero COVID policy after three years of lockdowns, which limited the travel of Chinese nationals to the U.S., and Miami real estate sells at a lower price per foot compared to other global cities like New York, London, Paris, etc.”
China accounted for 12.53% of all international searches on MiamiRealtors.com in February 2023, up 72% from its percentage of searches in February 2022 (7.30%).
Germany also made a notable move up in the Miami search rankings, zooming from No. 17 in January 2023 to No. 3 in February 2023.
Top-10 Countries Searching MiamiRealtors.com in February 2023:
Country Share of International Searches
- China 12.53%
- Colombia 11.44%
- Germany 9.28%
- Venezuela 6.36%
- Philippines 4.36%
- Argentina 3.91%
- India 3.75%
- Canada 3.36%
- Mexico 3.17%
- Spain 3.06%
All other countries 38.78%
Top Global Markets for South Florida Real Estate
Argentina purchased the most South Florida real estate among foreign countries in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Argentina buyers purchased 16% of all international purchases in South Florida. Colombia (13%), Peru (8%), Canada (8%) and Venezuela (6% rounded out the top 5, respectively. Access the report: https://bit.ly/MIAMIGlobalStudy
Florida has finished as the top destination for international buyers for 14 consecutive years, according to the National Association of REALTORS® 2022 International Transactions in U.S. Residential Real Estate. Florida is the No. 1 destination for foreign buyers from Colombia, Canada, Brazil and other countries, according to the study.
Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2023 Knight Frank Wealth Report. For $1M, homebuyers can purchase 64 square meters of prime property in Miami. That is almost four times more than Monaco (17 square meters), nearly two times more than New York (33) and London (34) and more than Paris, Sydney, Tokyo and more.
When looking at all price ranges, South Florida is also a bargain in comparison to other global cities and U.S. metros, according to the NAR 2022 International Study. Miami-Fort Lauderdale-West Palm Beach’s price per square meter is $3,170, far below at least 30 global cities and 13+ U.S. Metros including markets such as Hong Kong ($28,570), New York City ($17,191), San Francisco-Oakland-Hayward, CA ($8,250), Madrid, Spain ($6,173), Los Angeles-Long Beach-Glendale, CA ($4,740) and Seattle-Tacoma-Bellevue, WA ($4,460).
Top-10 International Cities Searching MiamiRealtors.com in February 2023
- Berlin, Germany
- Bogotá, Colombia
- Medellín, Colombia
- Barquisimeto, Venezuela
- Maracaibo, Venezuela
- Buenos Aires, Argentina
- Cali, Colombia
- Caracas, Venezuela
- Mexico City, Mexico
- Madrid, Spain
Texas No. 1 State Searching for Miami Real Estate for Third Consecutive Month
Texas registered the most domestic Miami real estate web searches in February 2023.
New York was the top state for out-of-state buyers in the South Florida area in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Access the report: https://bit.ly/MIAMIGlobalStudy
Top-10 U.S. States Searching MiamiRealtors.com in February 2023
- West Virginia
- North Carolina
- New York
Top-10 U.S. Metros Searching MiamiRealtors.com in February 2023
- Charleston-Huntington, WV
- New York
- Washington, D.C.
- Los Angeles
- Dallas-Ft. Worth, TX
- San Antonio, TX
- Norfolk-Portsmouth-Newport News, VA
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 103 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 246 international organizations worldwide. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is www.MiamiRealtors.com
Originally published at https://www.miamirealtors.com/2023/03/28/china-is-top-country-searching-miami-real-estate-berlin-is-no-1-searching-global-city/