MIAMI — Colombia again registered the most global web searches for South Florida real estate in October 2024, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia, which is also South Florida’s top global buyer, has now finished in the top two countries searching Miami real estate in each of the last 31 months.
“Several new countries are in our top 10 this month which shows the diversity of Miami real estate’s global market,” 2024 MIAMI Chairman of the Board Gus Fonte said. “India, UAE and Netherlands made big jumps in our monthly top 10 countries searching Miami real estate, and Dubai finished as the top global city searching for the first time.”
About 140 countries searched MiamiRealtors.com, which has three consumer-facing property search portals, in October 2024. The top 10 includes countries from four continents: North America, South America, Europe and Asia.
Top 10 Countries Searching MiamiRealtors.com in October 2024:
Country Share of International Search
- Colombia 9.3%
- Russia 5.9%
- India 5.1%
- Venezuela 4.8%
- Canada 4.7%
- United Arab Emirates 4.6%
- United Kingdom 4.6%
- Netherlands 4.5%
- Argentina 4.5%
- Spain 4.5%
All other countries 47.5%
Top Global Markets for South Florida Real Estate
Colombia purchased the most South Florida real estate among foreign countries in 2023, according to the 2023 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Colombian buyers purchased 15% of all international purchases in South Florida. Argentina (14%), Brazil (7%), Venezuela (6%) and Canada (6%) rounded out the top 5, respectively. Access the report: https://bit.ly/2023MIAMIGlobalStudy
Florida is the top U.S. destination for foreign buyers (23% of all sales), according to NAR’s 2023 Profile of International transactions in U.S. Residential Real Estate. Florida has been the No. 1 state for foreign home buyers for the last 15 years.
More than half of all international home sales (47%) in Florida are in Miami-Fort Lauderdale-West Palm Beach, according to the 2023 Florida Realtors’ annual Profile of International Residential Real Estate Activity in Florida.
One in five of all U.S. international home sales happen in Florida and one in two in Florida are in the Miami metro market. South Florida secures about 11% of all global home sales in the entire U.S. annually.
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 October 2024
- Dubai, UAE
- Bogotá, Colombia
- Amsterdam, Netherlands
- Dublin, Ireland
- Moscow, Russia
- Madrid, Spain
- Buenos Aires, Argentina
- Toronto, Canada
- Medellin, Colombia
- London, England
Virginia No. 1 State Searching for Miami Real Estate
Virginia registered the most domestic Miami real estate web searches in October 2024.
New York was the top state for out-of-state buyers in the South Florida area, according to the 2023 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Access the report: https://bit.ly/2023MIAMIGlobalStudy
Top 10 U.S. States Searching MiamiRealtors.com in October 2024
1. Virginia
- New York
- Georgia
- California
- Ohio
- Michigan
- North Carolina
- Texas
- Indiana
- Pennsylvania
Top 10 U.S. Cities Searching MiamiRealtors.com in October 2024
- New York, NY
- Atlanta, GA
- Des Moines, Iowa
- San Jose, CA
- San Antonio, TX
- Los Angeles, CA
- Chicago, IL
- Dallas, TX
- Columbus, Ohio
- Boston, MA
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 104 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 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 279 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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Originally published at https://www.miamirealtors.com/2024/12/02/colombia-is-top-country-and-dubai-uae-is-top-global-city-searching-miami-real-estate/
