Colombia Again Leads All Global Searches for Miami Real Estate; Texas Top State Searching

MIAMI — Colombia continues to be the top foreign country searching for South Florida homes in August 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia has now finished No. 1 or No. 2 among the top list of countries searching Miami real estate in each of the last 18 months.

“What sets Miami real estate apart from other markets is its incredible diversification of foreign buyers,” MIAMI Chairman of the Board Ines Hegedus-Garcia said. “Four different continents – South America, North America, Europe and Asia – are represented in the top countries searching Miami real estate. Miami isn’t just a city; it’s a global magnet.  Our real estate canvas is as diverse and vibrant as the global enthusiasts who seek it.”

Colombia accounted for 11.1% of all international searches on MiamiRealtors.com in August 2023, near its percentage of searches in August 2022 (11.4%).

Top-10 Countries Searching MiamiRealtors.com in August 2023:

Country                                 Share of International Searches

1. Colombia                         11.1%
2. Venezuela                        6.4%
3. Argentina                         5.9%
4. Canada                            4.4%
5. Spain                                4.1%
6. Philippines                      4.1%
7. China                               3.8%
8. Mexico                            3.6%
9. Germany                         3.5%
10. India                                3.2%

All other countries               49.9%

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 15 consecutive years, according to the National Association of REALTORS® 2023 International Transactions in U.S. Residential Real Estate. Florida is the No. 1 destination for foreign buyers from Colombia, Canada 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 2023 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 August 2023

1. Bogotá, Colombia
2. Cali, Colombia
3. Buenos Aires, Argentina
4. Medellín, Colombia
5. Caracas, Venezuela
6. Barquisimeto, Venezuela
7. Frankfurt, Germany
8. Mexico City, Mexico
9. Brarranquilla, Colombia
10. Madrid, Spain

Texas No. 1 State Searching for Miami Real Estate
Texas registered the most domestic Miami real estate web searches in August 2023.

New York was the top state for out-of-state buyers in the South Florida area, 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 August 2023
1. Texas

2. Georgia
3. Virginia
4. Illinois
5. New York
6. California
7. Ohio
8. North Carolina
9. Michigan
10. Washington

Top-10 U.S. Metros Searching MiamiRealtors.com in August 2023

1. Chicago, IL
2. Washington, D.C.
3. New York, NY
4. Atlanta, GA
5. Fargo-Valley City, ND
6. Los Angeles, CA
7. Columbus, OH
8. Norfolk-Portsmouth-Newport News, VA
9. Dallas-Ft. Worth, TX
10. Greenville-Spartanburg-Asheville-Anderson

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 257 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com

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