Miami REALTORS – Colombia: No. 1 Foreign Country Searching Miami Real Estate
MIAMI — Colombia once again posted the most global web searches for South Florida homes in June 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 16 months.
“Global buyers are flocking to Miami for its unrivaled blend of cosmopolitan allure and exceptional real estate opportunities, with prices that outshine those of other global cities,” MIAMI Chairman of the Board Ines Hegedus-Garcia said.
Colombia accounted for 10.61 % of all international searches on MiamiRealtors.com in June 2023, near its percentage of searches in June 2022 (13.02%).
Top-10 Countries Searching MiamiRealtors.com in June 2023:
Country Share of International Searches
- Colombia 10.61%
- Germany 8.61%
- Venezuela 6.15%
- Argentina 5.73%
- Philippines 4.64%
- Spain 4.55%
- Canada 4.18%
- Mexico 4.05%
- China 3.76%
- India 2.69%
All other countries 45.03%
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.
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 June 2023
- Berlin, Germany
- Bogotá, Colombia
- Buenos Aires, Argentina
- Medellín, Colombia
- Caracas, Venezuela
- Cali, Colombia
- Mexico City, Mexico
- Madrid, Spain
- Barquisimeto, Venezuela
- Maracaibo, Venezuela