While Miami residential prices have risen in recent years, the region is still considered inexpensive relative to other world-class cities.
Miami, FL (PRWEB) July 14, 2015
South America’s largest nation continues to be the top foreign country searching for South Florida real estate on the MIAMI Association of REALTORS® (MIAMI) website, according to new statistics from the nation’s largest local Realtor group. For the 12th consecutive month, Brazil led all global consumers using MIAMI’s search portal, Miamire.com, in May 2015.
Brazil has been the top foreign country searching for Miami properties in 15 of the last 18 months. The last time Brazil didn’t finish with the most web hits on Miamire.com was May 2014 when Colombia took first. Colombia finished with the second-most traffic on Miamire.com in May 2015 for the fifth consecutive month. Canada and Venezuela ranked third and fourth, respectively.
An international city with world-class amenities, Miami has long been a top place for foreign real estate investment. Overseas buyers view South Florida as a secure place to invest. While Miami residential prices have risen in recent years, the region is still considered inexpensive relative to other world-class cities. A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach costs $149,900 on average, according to the National Association of Realtors 2015 Profile of Home Buying Activity of International Clients. The average price for the same condo in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) cost at least five times more.
In 2014, Brazilians registered 11 percent of all South Florida international real estate deals, according to a report conducted by the National Association of Realtors for MIAMI. Brazil had the third-most property transactions in Miami and Broward Counties among all global consumers last year, trailing only Venezuela (16 percent) and Argentina (12 percent).
Brazilians moving to South Florida are often upper-middle-class families who want to enjoy their prosperity earned in their homeland as professionals and entrepreneurs. Brazilians spend the most on South Florida properties among foreign consumers, paying an average of $495,000. On average, Miami’s international buyers paid $444,000 per purchase, compared to $245,000 statewide.
The top-10 countries visiting Miamire.com in May 2015:
9. United Kingdom
The top-10 countries visiting Miamire.com in May 2014:
10. United Kingdom
Top U.S. Markets for Miami
Miami is a perennial top choice for American real estate consumers. The top-10 states searching Miamire.com in May:
2015: 1) California, 2) Georgia, 3) Texas, 4) New York, 5) Illinois, 6) Tennessee, 7) North Carolina, 8) Louisiana, 9) Nevada, 10) Michigan
2014: 1) California, 2) Georgia, 3) Texas, 4) New York, 5) Illinois, 6) Virginia, 7) Louisiana, 8) North Carolina, 9) Michigan, 10) Tennessee
Miami Top Market for U.S. and Foreign Consumers
Nationally, Miami is consistently one of the top markets for foreign countries searching for American real estate. In May 2015, Miami ranked as a top-five market for 13 of 20 foreign nations searching on Realtor.com ® and Realtor.com ® International. The top countries (outside the U.S.) where global consumers were most engaged in May 2015 and the top cities they searched were:
1. *Canada: Los Angeles, New York, Las Vegas, Orlando, Miami
2. United Kingdom: Los Angeles, New York, Orlando, Kissimmee, Davenport (FL)
3. Australia: New York, Los Angeles, Las Vegas, San Francisco, Detroit
4. *Brazil: Orlando, Miami, New York, Los Angeles, Kissimmee
5. *Germany: Los Angeles, New York, Miami, San Antonio, Las Vegas
6. *Mexico: San Diego, San Antonio, El Paso, Houston, Miami
7. *France: Los Angeles, Miami, New York, Miami Beach, San Francisco
8. India: New York, Los Angeles, San Jose, Chicago, Dallas
9. *Russian Federation: Los Angeles, New York, Miami, Chicago, Orlando
10. *Netherlands: Los Angeles, New York, Miami, Las Vegas, Houston
11. *Italy: Miami, New York, Los Angeles, Miami Beach, San Diego
12. *Spain: Miami, New York, Los Angeles, Miami Beach, Fayetteville (GA)
13. *Sweden: Los Angeles, New York, Miami, Tampa, Fort Lauderdale
14. Japan: San Diego, Los Angeles, Honolulu, San Antonio, Las Vegas
15. South Korea: Los Angeles, New York, Irvine, Las Vegas, Austin
16. *Switzerland: Los Angeles, Miami, New York, Tampa, Miami Beach
17. Ireland: Los Angeles, New York, Orlando, Chicago, Boston
18. Philippines: Los Angeles, Las Vegas, Denver, New York, Phoenix
19. *South Africa: New York, Los Angeles, Miami, Houston, Dallas
20. *United Arab Emirates: New York, Los Angeles, Houston, Miami, Orlando
In May 2015, Miami ranked third among the top-10 overall most searched U.S. cities by non-U.S. consumers. Fort Lauderdale ranked sixth.
Top 10 U.S. Cities Searched by International Consumers for May 2015:
1. New York, NY
2. Los Angeles, CA
3. Miami, FL
4. Orlando, FL
5. Las Vegas, NV
6. Fort Lauderdale, FL
7. Houston, TX
8. San Diego, CA
9. San Francisco, CA
10. Chicago, IL
About the MIAMI Association of REALTORS®
The MIAMI Association of REALTORS® was chartered by the National Association of Realtors in 1920 and is celebrating 95 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of five organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, the YPN Council and the award-winning International Council, it represents more than 36,000 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 more than 125 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.