MIAMI — Colombia continues to lead all foreign countries searching for South Florida real estate, according to new data from the MIAMI Association of REALTORS® (MIAMI). The South American nation finished as the top international country using MIAMI’s search portal, www.Miamire.com, in June 2016. Colombia has now led the MIAMI rankings for seven consecutive months.
Canada and France increased their interest in Miami real estate as New York maintained its position as the top U.S. state seeking local property. South Florida, meanwhile, finished as the second-most searched U.S. market in June on Realtor.com.
“Miami is a worldwide brand celebrated around the world for its multicultural community,” said Mark Sadek, the 2016 MIAMI Chairman of the Board. “Miami has long attracted buyers from South America, but now we’re seeing a greater array of countries searching and buying our properties. They’re coming with their families. They’re coming with business plans. They’re coming as end users.”
Colombia: A Top Market for South Florida Real Estate
Colombian home buyers tied with Argentinians in purchasing the third-most Miami real estate among foreign countries, according to the 2015 Profile of International Home Buyers in Miami Association of Realtors Business Areas. Colombia registered 10 percent of all foreign South Florida transactions, according to the survey conducted by MIAMI and the National Association of REALTORS. Only Venezuelan (13 percent) and Brazilian (12 percent) buyers purchased more.
Colombians moving to South Florida are often upper-middle-class families who want to enjoy their prosperity earned in their homeland as professionals and entrepreneurs. Colombians spend the second-most on South Florida property among foreign buyers. The $516,000 average purchase price of Colombians tied with Argentina and only trailed Brazil ($766,000), according to the 2015 survey.
Surging Interest from Canada, France
Canada posted the fifth-most web searches of South Florida real estate in June. Canadians, which have long purchased second homes in South Florida, have now finished at least seventh in the MIAMI rankings for four consecutive months. Like Canadians, the French love South Florida’s resort lifestyle and sunny weather. France’s eighth-place finish in June is its highest since March 2016.