MIAMI — Germany posted the most global web searches for South Florida real estate in October 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Germany has now led the rankings for two consecutive months.
“It’s not just one or two global markets that search and purchase Miami real estate; it’s the world,” MIAMI Chairman of the Board Ines Hegedus-Garcia said. “There’s a reason why Miami has long been a leader in international migration. It’s our incredible diversity, lifestyle, financial and tech hub, shopping, proximity to Latin America and more.”
Colombia remained in the top-two searching countries. Colombia has now finished No. 1 or No. 2 among the top list of countries searching Miami real estate in each of the last 20 months.
Germany accounted for 13.5% of all international searches on MiamiRealtors.com in October 2023.
Top-10 Countries Searching MiamiRealtors.com in October 2023:
Country Share of International Searches
- Germany 13.5%
- Colombia 11.2%
- Venezuela 6.9%
- Argentina 6.6%
- India 6.6%
- Spain 6.5%
- Canada 5.6%
- United Kingdom 5.6%
- Mexico 4.4%
- Philippines 4.4%
All other countries 28.7 %
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 15 consecutive years, according to the National Association of REALTORS® 2023 International Transactions in U.S. Residential Real Estate. Florida is the No. 1 destination for foreign buyers from Colombia, Canada and other countries, according to the study.
Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2023 Knight Frank Wealth Report. For $1M, homebuyers can purchase 64 square meters of prime property in Miami. That is almost four times more than Monaco (17 square meters), nearly two times more than New York (33) and London (34) and more than Paris, Sydney, Tokyo and more.
When looking at all price ranges, South Florida is also a bargain in comparison to other global cities and U.S. metros, according to the NAR 2023 International Study. 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 October 2023
- Bogotá, Colombia
- Cairo, Egypt
- York, England
- Athens, Greece
- East Liverpool, England
- Buenos Aires, Argentina
- Havana, Cuba
- Madrid, Spain
- Bath, England
- London, England
Georgia No. 1 State Searching for Miami Real Estate
Georgia registered the most domestic Miami real estate web searches in October 2023.
New York was the top state for out-of-state buyers in the South Florida area, 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 October 2023
1. Georgia
- Virginia
- New York
- Ohio
- North Carolina
- Michigan
- Indiana
- Pennsylvania
- South Carolina
- Kentucky
Top-10 U.S. Cities Searching MiamiRealtors.com in October 2023
- Atlanta
- Ashburn, VA
- New York
- Orlando
- Los Angeles
- Columbus, Ohio
- Austin, Texas
- Lexington, Kentucky
- Greenville, SC
- Dallas
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 257 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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