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Colombia Continues as Top Country Searching Miami Real Estate; Texas is Top State for Second Consecutive Month

Colombia Continues as Top Country Searching Miami Real Estate Texas is Top State for Second Consecutive Month
Colombia Continues as Top Country Searching Miami Real Estate Texas is Top State for Second Consecutive Month

MIAMI — Colombia once again posted the most global web searches for Miami homes in January 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia has now topped the list of foreign countries searching Miami real estate in 10 of the last 11 months.

 

New Zealand made the largest month-over-month jump in the top-10, moving from No. 14 in December 2022 to No. 5 in December 2022. China, meanwhile, posted the second-most searches for the second consecutive month.

 

“Miami real estate is different from most markets in that our buyers come from 54 countries,” MIAMI Chairman of the Board Ines Hegedus-Garcia said. “When one market’s economy is down there are others that come to fill the void by purchasing in Miami. The diversity of Miami global buyers is on display in our search statistics. Four continents are represented in our top-10 searching countries in January come from four continents.”

 

Colombia accounted for 12.22% of all international searches on MiamiRealtors.com in January 2023, about the same percentage from January 2022 (12.61%)

 

Top-10 Countries Searching MiamiRealtors.com in January 2023:

Country                                 Share of International Searches

  1. Colombia                         12.22%
  2. China                                11.85%
  3. Venezuela                         7.81%
  4. Philippines                       4.69%
  5. New Zealand                  4.47%
  6. Argentina                        4.38%
  7. Spain                               4.27%
  8. Canada                            3.77%
  9. India                                 3.34%
  10. Mexico                              3.12%

All other countries                 40.08%

 

Top Global Markets for South Florida Real Estate
Argentina purchased the most South Florida real estate among foreign countries in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Argentina buyers purchased 16% of all international purchases in South Florida. Colombia (13%), Peru (8%), Canada (8%) and Venezuela (6% rounded out the top 5, respectively. Access the report: https://bit.ly/MIAMIGlobalStudy

 

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 January 2023

  1. Bogotá, Colombia
  2. Caracas, Venezuela
  3. Buenos Aires, Argentina
  4. Medellín, Colombia
  5. Cali, Colombia
  6. Madrid, Spain
  7. Barranquilla, Colombia
  8. Ciudad Juarez, Madrid
  9. Gibsons, Canada
  10. Sao Paulo, Brazil

 

Texas No. 1 State Searching for Miami Real Estate for Second Consecutive Month
Texas registered the most domestic Miami real estate web searches in January 2023. New York was the top state for out-of-state buyers in the South Florida area in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Access the report: https://bit.ly/MIAMIGlobalStudy

 

Top-10 U.S. States Searching MiamiRealtors.com in January 2023
1. Texas

  1. Washington
  2. Kentucky
  3. Virginia
  4. California
  5. Georgia
  6. New York
  7. North Carolina
  8. Illinois
  9. Ohio

 

Top-10 U.S. Cities Searching MiamiRealtors.com in January 2023

  1. Houston
  2. Lexington, Kentucky
  3. New York
  4. Suffolk, Va.
  5. Atlanta
  6. Los Angeles
  7. Dallas
  8. Chicago
  9. Oak Island, NC
  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 103 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 nearly 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 242 international organizations worldwide. 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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