Colombia is Once Again Top Country Searching Miami Real Estate

Colombia is Once Again Top Country Searching Miami Real Estate

MIAMI — Colombia posted the most global web searches for Miami homes in May 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 foreign countries searching Miami real estate in each of the last 15 months.

“Miami consistently ranks among the most-searched U.S. real estate market globally,” MIAMI Chairman of the Board Ines Hegedus-Garcia said. “Our new data shows that while Miami is a destination for Latin American home buyers it is also a major hotspot for consumers from Canada, Philippines, Spain and other countries.”

Colombia accounted for 10.9% of all international searches on MiamiRealtors.com in May 2023, near its percentage of searches in May 2022 (12.34%).

Top-10 Countries Searching MiamiRealtors.com in May 2023:
Country                   Share of International Searches
1. Colombia              10.9%
2. Venezuela            7.14%
3. Argentina             5.59%
4. Philippines          4.77%
5. Mexico                 4.40%
6. China                    4.26%
7. Spain                     4.21%
8. Canada                 3.44%
9. Brazil                     3.43%
10. Germany            3.06%
All other countries 48.8%

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 May 2023
1. Bogotá, Colombia
2. Medellín, Colombia
3. Buenos Aires, Argentina
4. Caracas, Venezuela
5. Mexico City, Mexico
6. Cali, Colombia
7. Barquisimeto, Venezuela
8. Sao Paulo, Brazil
9. Madrid, Spain
10. Toronto, Canada

Texas No. 1 State Searching for Miami Real Estate for Sixth Consecutive Month
Texas registered the most domestic Miami real estate web searches in May 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 May 2023
1. Texas
2. Georgia
3. Virginia
4. Illinois
5. North Carolina
6. Ohio
7. New York
8. Michigan
9. Washington
10. California

Top-10 U.S. Metros Searching MiamiRealtors.com in May 2023
1. Chicago, IL
2. Atlanta, GA
3. New York, NY
4. Washington, D.C.
5. Dallas-Ft. Worth, TX
6. Norfolk-Portsmouth-Newport News, VA
7. Houston, TX
8. Columbus, OH
9. Fargo-Valley City, ND
10. Raleigh-Durham (Fayetteville) NC

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’s official website is www.MiamiRealtors.com

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Originally published at https://www.miamirealtors.com/2023/06/27/colombia-is-once-again-top-country-searching-miami-real-estate/

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