For the Sixth Straight Month, Colombia Tops List of Countries Searching Miami Real Estate

MIAMI — Colombia posted the most global web searches for Miami homes in August 2022, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia has now topped the list of foreign countries searching for Miami real estate for six consecutive months as South Florida continues to see surging global buyer demand with pandemic-related protocols relaxing and unstable political situations developing around the world.

 

“Unlike many parts of the nation, Miami is seeing its real estate prices continue to appreciate,” MIAMI Chairman of the Board Fernando Arencibia Jr. said. “Incredible demand not only from domestic homebuyers, but also a surge of international consumers are just a few reasons why Miami remains in a seller’s market.”

 

Colombia accounted for 11.37% of all international searches on MiamiRealtors.com in August 2022, close to the country’s 12.81% search total in June 2022. China stayed at No. 2 for the second consecutive month. Homebuyers from more than 160 countries search MiamiRealtors.com each month.

 

Top-10 Countries Searching MiamiRealtors.com in August 2022:

Country                                 Share of International Searches

1. Colombia                          11.37%
2. China                                   5.91%
3. Venezuela                          5.44%
4. Argentina                           5.39%
5. Russia                                5.20%
6. United Kingdom               4.81%
7. Spain                                  4.76%
8. Canada                              4.50%
9. Philippines                        4.48%
10. Brazil                                 3.56%

All Other Countries                44.58%

 

Colombia: A Top Market for South Florida Real Estate
Colombia purchased the second-most South Florida real estate among foreign countries in 2021, according to the 2021 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Colombia buyers purchased 12% of all international purchases in South Florida. Argentina (13%) finished first. Venezuela (10%) finished third. Access the report: https://bit.ly/22MIAMIGlobalStudy

 

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.

 

South Florida remains a bargain in comparison to other global cities and U.S. metros, the study showed. 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 August 2022

1. Bogotá, Colombia
2. Medellín, Colombia
3. Buenos Aires, Argentina
4. Caracas, Venezuela
5. Madrid, Spain
6. Sao Paulo, Brazil
7. Mexico City, Mexico
8. Cali, Colombia
9. Moscow, Russia
10. Montreal, Canada

Minnesota Becomes No. 1 State Searching for Miami Real Estate
Minnesota registered the most domestic Miami real estate web searches in August 2022. Minnesota wasn’t ranked among the top-10 out-of-state buyer in the South Florida area in 2021, according to the 2021 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. New York was No. 1. Access the report: https://bit.ly/22MIAMIGlobalStudy

 

Top-10 U.S. States Searching MiamiRealtors.com in August 2022
1. Minnesota

2. Washington
3. California
4. Virginia
5. South Dakota
6. Texas
7. Georgia
8. North Carolina
9. New York
10. Illinois

 

Top-10 U.S. Metros Searching MiamiRealtors.com in August 2022

1. Fargo-Valley City, ND
2. Washington, D.C.
3. Los Angeles, CA
4. New York, NY
5. Chicago, IL
6. Atlanta, GA
7. Dallas-Ft. Worth, TX
8. Houston, TX
9. Columbus, OH
10. Charlotte, NC

 

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 102 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 over 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 230 international organizations worldwide. The MIAMI Commercial Conference will be held Oct. 7, 2022 at the Biltmore Hotel in Coral Gables and the 26^th annual MIAMI Global Real Estate Congress will be held Nov. 6-8, 2022 at the Biltmore Hotel in Coral Gables. MIAMI REALTORS has launched its new YPN Global and will host the first-ever YPN Global Congress on Feb. 12-15, 2023, in Dubai. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is www.miamirealtors.com

 

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