Colombia Again Registers Most Foreign Searches for Miami Real Estate; Miami: The Most-Searched U.S. Market

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Colombia remains the top foreign country searching for South Florida real estate, according to new data from the MIAMI Association of REALTORS® (MIAMI).

Mark Sadek, 2016 Chairman of the Board, MIAMI Association of REALTORS

Miami speaks all languages, welcomes all cultures and celebrates a unique lifestyle

Colombia remains the top foreign country 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, http://www.Miamire.com, in August 2016. Colombia has now led the MIAMI rankings for nine consecutive months.

Canada and India increased their interest in Miami real estate as New York maintained its position as the top U.S. state seeking local property. South Florida remains the most searched U.S. market for international consumers, according to August statistics from Realtor.com.

“Miami speaks all languages, welcomes all cultures and celebrates a unique lifestyle,” said Mark Sadek, the 2016 MIAMI Chairman of the Board. “Colombians and all home buyers love Miami because it is young, modern, multicultural, multilingual and growing. As demand for Miami real estate expands, we are seeing a wider diversification of countries buying Miami properties.”

Colombia: A Top Market for South Florida Real Estate
In its continued efforts to promote Miami real estate around the world, MIAMI made a Miami market presentation and distributed South Florida informational brochures at Colombia’s most influential property showcase earlier this year. The Gran Salón Inmobiliario — held Aug. 25-28 in Bogotá, Colombia — attracted more than 30,000 visitors and 200 exhibitors.

Miami-Dade County has the largest concentration of Colombian natives in the nation, with 114,701 living in the area, according to the 2010 U.S. Census. Broward County (66,517) and Palm Beach County (22,980) rank third and fifth, respectively.

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.

Canada and India Increase Interest in Miami Real Estate
Canada finished fifth for the most Miami real estate searches in August. Canada has now ranked among the top-six countries for the eight consecutive months. India, the world’s second-most populous country, improved from ninth place in July to sixth in August.

The top-10 countries visiting Miamire.com in August 2016:
1. Colombia                
2. Venezuela                
3. Argentina
4. Brazil            
5. Canada                    
6. India                
7. Spain
8. Philippines
9. United Kingdom    
10. Italy

The top-10 countries visiting Miamire.com in August 2015:
1. Brazil            
2. Russia                
3. Colombia
4. Venezuela                
5. Argentina                        
6. India        
7. Canada
8. Spain        
9. Israel
10. France

New York Leads All States in Miami Real Estate Searches
For the fourth consecutive month, New York registered the most domestic Miami web searches.

Miami’s all-year sunny weather and growing world-class amenities are attracting more interest from Northeastern states. The District of Columbia, also in the Northeast, is another emerging market for Miami real estate. The nation’s capital registered the 10th-most web searches of South Florida real estate in August 2016.

The top-10 U.S. states searching Miamire.com in August
2016: 1) New York, 2) Texas, 3) Georgia, 4) California, 5) Illinois, 6) Massachusetts, 7) Pennsylvania, 8) North Carolina, 9) New Jersey, 10) District of Columbia

2015: 1) California, 2) Texas, 3) New York, 4) Georgia, 5) Illinois, 6) Tennessee, 7) New Jersey, 8) Virginia, 9) Louisiana, 10) Michigan

South Florida is the Most Searched U.S. Market by International Consumers
Miami-Fort Lauderdale-West Palm Beach finished as the most searched U.S. market for international consumers in August, according to Realtor.com. Miami has ranked No. 1 in nine of the last 10 months.

The top-10 U.S. markets for international real estate demand:
1. Miami-Fort Lauderdale-West Palm Beach, FL
2. Los Angeles-Long Beach-Anaheim, CA
3. Bellingham, WA
4. New York-Newark-Jersey City, NY-NJ-PA
5. Orlando-Kissimmee-Sanford, FL
6. Kahului-Wailuku-Lahaina, HI    
7. Urban Honolulu, HI
8. Tampa-St. Petersburg-Clearwater, FL        
9. Houston-The Woodlands-Sugar Land, TX    
10. El Centro, CA    

South Florida ranked as a top-five market for consumers in eight of the world’s ten-largest regions in August 2016. South Florida finished as the most-searched market in four regions (South America, Caribbean, Southern Europe and Western Asia).

  • North America: 1. New York-Newark-Jersey City, NY-NJ-PA; 2. Chicago-Naperville-Elgin, IL-IN-WI; 3. Dallas-Fort Worth-Arlington, TX; 4. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD; 5. Miami-Fort Lauderdale-West Palm Beach, FL
  • South America: 1. Miami-Fort Lauderdale-West Palm Beach, FL; 2. Orlando-Kissimmee-Sanford, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Los Angeles-Long Beach-Anaheim, CA; 5. Tampa-St. Petersburg-Clearwater, FL
  • Northern Europe: 1. Los Angeles-Long Beach-Anaheim, CA; 2. New York-Newark-Jersey City, NY-NJ-PA; 3. Orlando-Kissimmee-Sanford, FL; 4. Miami-Fort Lauderdale-West Palm Beach, FL; 5. Tampa-St. Petersburg-Clearwater, FL
  • Australia and New Zealand: 1. Los Angeles-Long Beach-Anaheim, CA; 2. New York-Newark-Jersey City, NY-NJ-PA; 3. Las Vegas-Henderson-Paradise, NV; 4. San Francisco-Oakland-Hayward, CA; 5. Chicago-Naperville-Elgin, IL-IN-WI
  • Western Europe: 1. Los Angeles-Long Beach-Anaheim, CA; 2. Miami-Fort Lauderdale-West Palm Beach, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Tampa-St. Petersburg-Clearwater, FL; 5. Dallas-Fort Worth-Arlington, TX
  • Caribbean: 1. Miami-Fort Lauderdale-West Palm Beach, FL; 2. Orlando-Kissimmee-Sanford, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Tampa-St. Petersburg-Clearwater, FL; 5. Atlanta-Sandy Springs-Roswell, GA
  • Southern Europe: 1. Miami-Fort Lauderdale-West Palm Beach, FL; 2. Los Angeles-Long Beach-Anaheim, CA; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Tampa-St. Petersburg-Clearwater, FL; 5. Chicago-Naperville-Elgin, IL-IN-WI
  • Eastern Asia: 1. Los Angeles-Long Beach-Anaheim, CA; 2. New York-Newark-Jersey City, NY-NJ-PA; 3. Dallas-Fort Worth-Arlington, TX; 4. Washington-Arlington-Alexandria, DC-VA-MD-WV; 5. San Diego-Carlsbad, CA
  • Western Asia: 1. Miami-Fort Lauderdale-West Palm Beach, FL; 2. New York-Newark-Jersey City, NY-NJ-PA; 3. Los Angeles-Long Beach-Anaheim, CA; 4. Dallas-Fort Worth-Arlington, TX; 5. Chicago-Naperville-Elgin, IL-IN-WI
  • Eastern Europe: 1. Los Angeles-Long Beach-Anaheim, CA; 2. Miami-Fort Lauderdale-West Palm Beach, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Chicago-Naperville-Elgin, IL-IN-WI; 5. Tampa-St. Petersburg-Clearwater, FL

About the MIAMI Association of REALTORS®
The MIAMI Association of REALTORS® was chartered by the National Association of Realtors in 1920 and is celebrating 96 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward Council, the Jupiter Tequesta Hobe Sound (JTHS) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents nearly 45,000 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 160 international organizations worldwide. MIAMI’s official website is http://www.miamire.com

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