South Florida foreign buyer share is five times larger than the U.S. figure, according to the new 2024 Profile of International Home Buyers of the MIAMI Association of Realtors (MIAMI) released today
MIAMI, Feb. 4, 2025 /PRNewswire-PRWeb/ -- South Florida foreign buyer share is five times larger than the U.S. figure, according to the new 2024 Profile of International Home Buyers of the MIAMI Association of Realtors (MIAMI) released today. The 15th annual report, which includes 50+ pages of data on foreign home buyer purchases in South Florida, details why Miami remains America's No. 1 international real estate market.
South Florida foreign buyer share — foreign buyer residential purchases as a percentage of dollar volume — was 10% in 2024. That is five times larger than the U.S. figure (2%) and more than three times larger than Florida (3%). Access the MIAMI report here: https://bit.ly/25MiamiGlobalStudy
"Miami is where the world invests in more than property—it's a stake in America's hottest real estate market, the Miami lifestyle, opportunity and a limitless future," MIAMI Chairman of the Board Eddie Blanco said. "About 10% of all international sales in the U.S. happen in Miami, and it's because we are the most welcoming and diverse region. The world is in love with Miami, and we are in love with the world."
Foreign homebuyers purchased $3.1 billion of South Florida residential properties in 2024, down from $5.1 billion in 2023. The total is larger than any other U.S. market.
The year-over-year decline is significantly less than the decline of global sales at the state (-44%) and national (-21%) levels. The decline is due to the strength of the U.S. dollar making it harder for global buyers to move their money, low inventory, the uncertainty of the U.S. presidential election policy at the time and more. Global buyers bought 4,000 South Florida properties in 2024, down from 6,200 last year.
While its foreign transactions remain strong, Miami continues to also benefit from a historic surge in domestic buyers – particularly from high-taxed, high-density locations such New York, California and New Jersey.
The profile surveyed MIAMI members' international residential transactions for the one-year period from August 2023 to July 2024.
South Florida Secures 10% of all International Home Sales in the entire U.S.
Florida is the top U.S. destination for foreign buyers (20% of all sales), according to NAR's 2024 Profile of International transactions in U.S. Residential Real Estate. Florida has been the No. 1 state for foreign home buyers for the last 16 years.
About half of all international home sales (49%) in Florida are in Miami-Fort Lauderdale-West Palm Beach, according to the 2024 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 10% of all international home sales in the entire U.S. annually.
Colombia: Top Foreign Country Buying South Florida Real Estate
Colombia finished as the top foreign country purchasing South Florida real estate in 2024.
The top countries of origin for consumers purchasing properties in South Florida are:
1. Argentina (18% of foreign buyer share)
2. Colombia (14%)
3. Canada (8%)
4. Brazil (6%) and Mexico (6%)
5. Venezuela (5%)
6. Peru (4%) and Chile (4%)
7. Ecuador (2%) and Spain (2%)
The top two countries —Argentina and Colombia — account for 32% of all South Florida international closed sales.
South Florida's foreign buyers come from 49 countries. Other U.S. markets are often limited to two or three countries. The diversified number of markets that purchase in Miami allows the region to always post high global sales because when one foreign market declines, others step up to take its place.
Countries purchasing in South Florida include: Argentina, Colombia, Canada, Brazil, Mexico, Venezuela, Peru, Chile, Ecuador, Spain, Israel, France, Italy, El Salvador, Costa Rica, Bahamas, Dominican Republic, Boliva, Paraguay, Sweden, Germany, Denmark, United Kingdom, Switzerland, Portugal, Greece, Turkey, Lebanon, Egypt, Saudi Arabia, Dubai, Iran, India, China, Vietnam, Malaysia, Indonesia, Malaysia, Ukraine, Poland, Russia, Japan, South Korea, Honduras, Australia, Austria, Turkey, Guatemala, Nicaragua, Haiti, Jamaica, Puerto Rico, Thailand, Slovenia and more.
Miami-Dade County Has the Largest Share of South Florida Foreign Buyers
Miami-Dade County accounted for the largest share of South Florida's foreign buyers (65%). South Florida foreign buyer sales volume totaled $2.3 billion in Miami-Dade in 2024.
Broward accounted for $584 million; Palm Beach had $94 million.
Argentina is the No. 1 Country Buying in Miami-Dade County
The top countries of origin for consumers purchasing properties in Miami-Dade are:
1. Argentina (21%)
2. Venezuela (9%)
3. Colombia (8%)
4. Brazil (6%)
5. Chile (5%) and Canada (5%)
6. Mexico (4%) and France (4%)
7. Peru (3%) and Spain (3%)
Other countries that purchased properties in Miami-Dade included Cuba, Ecuador, Honduras, Turkey, Dominican Republic, Italy, Germany, Haiti, India, Israel, Poland, United Kingdom, China, Australia, Austria, Bahamas, Bolivia, Guatemala, Jamaica, Nicaragua, Portugal, Puerto Rico, Slovenia, Sweden, Thailand and Trinidad & Tobago.
Colombia is the No. 1 Country Buying in Broward County
The top countries of origin for consumers buying real estate in Broward County are:
1. Colombia (22%)
2. Argentina (15%) and Canada (15%)
3. Ecuador (6%), Peru (6%) and Venezuela (6%)
4. Brazil (5%)
Other countries that purchased properties in Broward included Dominican Republic, Haiti, Israel, Italy, Mexico, Bahamas, Chile, Cuba, France, Germany, Jamaica, Kazakhstan, Panama, Poland and Trinidad & Tobago.
Canada is the Top Country Buying in Palm Beach County
The top countries of origin for consumers buying real estate in Palm Beach County are:
1. Canada (25%)
2. Mexico (14%
3. Argentina (12%), Brazil (12%, Italy (12%), Bolivia (12%) and Colombia (12%)
MIAMI Foreign Home Buyers Spend 5% More on Average vs. Nationally
Foreign home buyers spend more on real estate than other buyers, and South Florida real estate buyers spend a higher median price than other international buyers in the U.S.
MIAMI global buyers spend 5% more on average vs. U.S. foreign buyers. MIAMI international home buyers spent a median price of $498,300 for residential properties in 2024. In comparison, foreign buyers in the United States spend $475,000.
Mexican buyers had the highest median purchase price of South Florida foreign buyers:
1. Mexico ($625,000)
2. Brazil ($607,000)
3. Canada ($598,800)
4. Argentina ($470,500)
5. Venezuela ($469,400)
6. Colombia ($404,900)
New York: Once Again Top State Purchasing in South Florida
New York ranked as the No. 1 state purchasing in South Florida for the third consecutive year, according to the 2024 MIAMI and NAR Report. New York accounted for 24% of out-of-state buyers in 2024.
Top out-of-state buyers:
1. New York (24%)
2. California (13%)
3. New Jersey (10%)
4. Texas (6%)
5. Georgia (5%) and Massachusetts (5%)
6. Illinois (4%) and Connecticut (4%)
7. North Carolina (3%)
8. Michigan (2%)
New York, California and New Jersey accounted for 47% of all out-of-state buyers in the Miami area in 2024.
A surge of individuals and companies from high-density, high-taxed locations have relocated to Miami over the past three years. Citadel, a multinational hedge fund company that manages $57 billion in assets, relocated from Chicago and is building a $1 billion Miami office tower.
66% of South Florida International Buyers Paid in Cash
According to the new MIAMI study, about 66% of all international residential transactions in South Florida were made in all-cash. That's 32% higher than the percentage of U.S. foreign buyers paying all-cash (50%) and nearly equal to the state figure (67%).
South Florida international home buyers prefer condominiums (56%, significantly higher than the U.S. average of 23%. South Florida global buyers prefer to purchase in the central/urban areas (64%), which they intend to use mainly as residential rental, vacation home or both (76%).
52% of MIAMI Foreign Buyers Visited Florida Only 2 Times or Less Before Purchasing
About 5% of South Florida foreign buyers purchased local homes without even visiting Florida in 2024. About 19% purchased with just one visit to Florida; 28% purchased with two visits; 18% bought after visiting Florida three times. About 52% purchased with two visits or less.
About 47% of MIAMI members worked with an international client in the past 12 months. That's about three times the national figure of 15%.
Survey results reflect MIAMI's commitment to increasing South Florida's real estate brand worldwide and the Miami real estate market's position as a top international destination.
MIAMI has 279 partner organizations worldwide and conducts international outreach on a global level.
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 105 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 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 279 international organizations worldwide. MIAMI's official website is http://www.MiamiRealtors.com
Media Contact
Chris Umpierre, MIAMI Association of REALTORS, 3054687047, [email protected], www.MiamiRealtors.com
SOURCE MIAMI Association of REALTORS
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