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Colombia Again Top Global Market Searching Miami Real Estate; Virginia is the New Top State Searching South Florida

Colombia Again Top Global Market Searching Miami Real Estate
Colombia Again Top Global Market Searching Miami Real Estate

MIAMI — Colombia registered the most global web searches for South Florida real estate in May 2024, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Virginia is the new top state searching Miami real estate, besting Georgia which had finished first for 14 consecutive months since Feb. 2023.

 

“Miami real estate used to be dependent on different waves from different countries depending on where the growth was coming from,” 2024 MIAMI Chairman of the Board Gus Fonte said. “That’s no longer the case. If one global market pulls back, our market will have demand from many others. We are getting global home buyers from everywhere in the world.”

 

About 149 countries searched MiamiRealtors.com, which has three consumer-facing property search portals, in May 2024. The top-10 includes countries from four continents: South America, Europe, North America and Asia.

 

Colombia, which is also South Florida’s top global buyer, has now finished in the top-two countries searching Miami real estate in each of the last 26 months.

 

Top-10 Countries Searching MiamiRealtors.com in May 2024:

Country                      Share of International Search                     

  1. Colombia 11.1%
  2. Germany 10.6%
  3. Canada 7.5%
  4. Argentina 5.9%
  5. United Kingdom 5.7%
  6. Spain 5.6%
  7. India 5.5%
  8. Venezuela 4.9%
  9. China 4.8%
  10. Russia 4.2%

All other countries                 34.2%

 

Top Global Markets for South Florida Real Estate
Colombia purchased the most South Florida real estate among foreign countries in 2023, according to the 2023 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Colombian buyers purchased 15% of all international purchases in South Florida. Argentina (14%), Brazil (7%), Venezuela (6%) and Canada (6%) rounded out the top 5, respectively. Access the report: https://bit.ly/2023MIAMIGlobalStudy

 

Florida is the top U.S. destination for foreign buyers (23% of all sales), according to NAR’s 2023 Profile of International transactions in U.S. Residential Real Estate. Florida has been the No. 1 state for foreign home buyers for the last 15 years.

 

More than half of all international home sales (47%) in Florida are in Miami-Fort Lauderdale-West Palm Beach, according to the 2023 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 about 11% of all global home sales in the entire U.S. annually.

 

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 May 2024

  1. Bogotá, Colombia
  2. Buenos Aires, Argentina
  3. Madrid, Spain
  4. Frankfurt, Germany
  5. Hamburg, Germany
  6. Toronto, Canada
  7. London, England
  8. Dublin, Ireland
  9. Moscow, Russia
  10. Montreal, Canada

 

Virginia No. 1 State Searching for Miami Real Estate
Virginia registered the most domestic Miami real estate web searches in May 2024.

 

New York was the top state for out-of-state buyers in the South Florida area, according to the 2023 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Access the report: https://bit.ly/2023MIAMIGlobalStudy

 

Top-10 U.S. States Searching MiamiRealtors.com in May 2024
1. Virginia

  1. Georgia
  2. New York
  3. Ohio
  4. Michigan
  5. California
  6. North Carolina
  7. Indiana
  8. Kansas
  9. Texas

 

Top-10 U.S. Cities Searching MiamiRealtors.com in May 2024

  1. New York, NY
  2. Los Angeles, CA
  3. Washington D.C.
  4. San Jose, CA
  5. Des Moines, Iowa
  6. San Antonio, Texas
  7. Dallas, Texas
  8. Columbus, Ohio
  9. Chicago, IL
  10. Greenville, S.C.

 

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 104 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 260 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com

 

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