Colombia Regains its Status as No. 1 Country Searching Miami Real Estate; Georgia Top State Searching

Colombia Regains its Status as No. 1 Country Searching Miami Real Estate; Georgia Top State Searching

MIAMI — Colombia registered the most global web searches for South Florida real estate in November 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI).

Colombia also finished as South Florida’s top global buyer in 2023, topping a list of 52 countries buying in the region, according to MIAMI’s new 2023 Global Report.

 

“Amidst political shifts in countries like Argentina, Brazil, Colombia, and Guatemala, an increasing number of investors are turning their focus to Miami’s real estate market,” 2023 MIAMI Chairman of the Board Ines Hegedus-Garcia said. “Miami real estate prices have increased for 12 consecutive years and its stature as the capital of Latin America is only growing.”

 

Colombia has finished No. 1 or No. 2 among the top list of countries searching Miami real estate in each of the last 21 months. Germany, which led the rankings the previous two months, finished second out of a staggering 140 countries searching MiamiRealtors.com.

 

Colombia accounted for 10.9% of all global searches on MiamiRealtors.com in November 2023.

 

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

Country                                 Share of International Searches

  1. Colombia                          10.9%
  2. Germany                             9.1%
  3. Argentina                           7.3%
  4. United Kingdom               6.7%
  5. Spain                                 5.6%
  6. Canada                             5.5%
  7. Venezuela                        5.3%
  8. India                                  5.3%
  9. Mexico                              4.4%
  10. Philippines                        4.2%

All other countries                 35.7%

 

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 November 2023

  1. Bogotá, Colombia
  2. Buenos Aires, Argentina
  3. Athens, Greece
  4. Frankfurt, Germany
  5. London
  6. Cairo, Egypt
  7. Hamburg, Germany
  8. York, UK
  9. Havana, Cuba
  10. Bath, England

 

Georgia No. 1 State Searching for Miami Real Estate
Georgia again registered the most domestic Miami real estate web searches in November 2023.

 

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 November 2023
1. Georgia

  1. Virginia
  2. New York
  3. Ohio
  4. Michigan
  5. North Carolina
  6. Indiana
  7. Pennsylvania
  8. California
  9. South Carolina

 

Top-10 U.S. Cities Searching MiamiRealtors.com in November 2023

  1. Atlanta
  2. Ashburn, VA
  3. New York
  4. Tampa
  5. Los Angeles
  6. Orlando
  7. Washington
  8. Columbus, Ohio
  9. Coffeyville, Kansas
  10. Dallas

 

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

 

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Originally published at https://www.miamirealtors.com/2024/01/30/colombia-regains-its-status-as-no-1-country-searching-miami-real-estate-georgia-top-state-searching/

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