MIAMI — Global buyers continue to power South Florida’s robust new construction condominium market, according to a new international sales report aggregated by MIAMI REALTORS® in collaboration with industry leaders to address the need for more comprehensive data on new condo sales.
International buyers purchased 49% of new South Florida construction, pre-construction and condo conversion sales over an 18-month period ending in June 2025, according to data aggregated from 9,115 units in 37 new construction condominium projects in the Miami market area. MIAMI collaborated with Cervera Real Estate, ISG World, PMG, SERHANT. New Development and ONE Sotheby’s International Realty for the report.
“Contrary to recent headlines, foreign buyers have not only remained active in Miami’s new development market — they’ve increased their presence,” said Alicia Cervera Lamadrid, managing partner of Cervera Real Estate. “In particular, buyers from Latin America continue to represent a significant share of our sales across the portfolio. Any suggestion that international interest in Miami has waned is simply inaccurate. Miami remains a top destination for global capital, lifestyle, and long-term investment.”
The new data correlates with other new global buyer/migration reports:
- Global buyers purchased $56 billion worth of U.S. existing homes from April 2024 through March 2025, a 33.2 % increase from the previous 12-month period via 2025 National Association of REALTORS® report
- For the 16th consecutive year (every year the study has been conducted), Florida is the Top U.S. destination for Global Buyer purchases via 2025 NAR Report
- Nearly Half of Florida’s International Purchases Happen in South Florida via Florida REALTORS® report
- Miami ranked No. 1 U.S. Market for International Homebuyers in Q1 2025 via Realtor.com
- Miami-Dade County Continues to Rank No. 1 in International Migration
“Miami has earned its place on the global stage, not just as a lifestyle destination, but as a value driven investment city compared to international metros like London, Dubai or São Paulo,” MIAMI REALTORS® 2025 Chairman of the Board Eddie Blanco said. “Miami offers world-class amenities at a global discount.”
For decades, MIAMI has reported monthly existing properties sales data from its MLS. But the data does not include pre-construction or new construction because those sales numbers are largely not in the SEFMLS.
“This is the first collaboration in history at this level,” MIAMI REALTORS® 2026 Chairman of the Board Alfredo Pujol said. “This shows the strength of the relationship between developers and MIAMI REALTORS® which is not found anywhere else in the world.”
Domestic Buyers Accelerate their Purchases of South Florida New Construction Condos
Miami real estate continues to boast major international and domestic demand. Domestic buyer share of South Florida new construction condos is 51%, according to the new report.
Domestic buyers, particularly from high-taxed, high-density states such as California, New York and New Jersey, continue to purchase and move to Miami. Miami-Dade out-of-state driver license exchanges are 22% above pre-pandemic, according to the latest data. Miami has no state income tax, a business-friendly government, all-year sunny weather, low crime, an emerging FinTech hub and more.
This month, Miami ranked No. 4 in the world for Highest Number of Ultra Wealthy Individuals with either a primary residence or secondary home via new 2025 Altrata report. Miami ranked No. 1 in the world for most popular second-home city globally among ultra wealthy individuals
Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2025 Knight Frank Wealth Report. For $1M, homebuyers can purchase 58 square meters of prime property in Miami. That is almost four times more than Monaco (19 square meters), nearly two times more than New York (34) and London (34) and more than Paris, Sydney, Tokyo and more.
“The synergy created by the domestic and the international worldwide markets in Miami real estate, generates a strength and uniqueness that translates into a permanent growth in the years to come, marking a paradigm to follow,” PMG President of Residential Sales Sergio Pintos said.
Latin Americans Buyers Account for Majority of South Florida New Construction Global Sales
Of South Florida new construction global sales, about 86% are by Latin Americans. Nearly all
international buyers were Latin Americans in Downtown Miami (99%), Southeast Broward
(84%), Coconut Grove (97%) and West Palm Beach (89%).
“Miami is as popular as ever with buyers from Latin America,” ISG World CEO Craig Studnicky said. “I have a sales team in Colombia this week. I have a sales team going to Mexico next week. We are constantly traveling to Latin America because there is clearly demand for South Florida condos.”
In Downtown Miami, international buyers accounted for 43% of units sold.
“Our Brickell portfolio is seeing intense international action,” SERHANT. New Development CEO Ryan Serhant said. “The demand from Colombia, Mexico, and Argentina isn’t slowing down, it’s accelerating. These buyers are buying today for their future tomorrow.”
When Latin American Governments Go Left, the Money Goes North
High mortgage rates, rising median prices and even new immigration policies are not stopping Latin American buyers from purchasing South Florida new construction condominiums.
Political instability overseas has historically led to more investment in Miami, the No. 1 U.S. destination for global buyers. Left-leaning governments in Latin America now include the following presidents: Mexico (Claudia Sheinbaum); Brazil (Luiz Inácio Lula da Silva); Colombia (Gustavo Petro); Chile (Gabriel Boric); Bolivia (Luis Arce); Honduras (Xiomara Castro); Venezuela (Nicolás Maduro); Cuba (Miguel Diaz-Canel); Uruguay (Yamandú Orsi) and Nicaragua (Daniel Ortega).
“Fueled by economic and political headwinds in their home countries, international buyers see South Florida as a safe haven to build wealth, preserve capital, and secure their family’s future,” said Daniel de la Vega, President of ONE Sotheby’s International Realty. “This is especially true for buyers from Latin America, who also feel an immediate cultural and lifestyle connection to the region.”
Latin American buyers and all global buyers largely pay in all-cash, which means they are less likely impacted by high mortgage rates. Local currencies are often weak in Latin America so people with money are looking for a place to invest for safety, security and investment. One Brazilian Real, for instance, converts to 0.18 USD.
People want to invest in preconstruction buildings because they know the dollar is safe for the long-term, and they like that they can pay cash over a period instead of in a lump sum. Global buyers want to get their money into the U.S. now before the dollar goes up more and before property values increase. Miami has had 14 consecutive years of price appreciation for Miami-Dade condominiums.
South Florida developers who would like to participate in future MIAMI REALTORS® new construction data reports should contact chris@miamire.com
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 REALTOR® members, the buying and selling public, and the communities in South Florida. Composed of six boards: 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 Corporate Board of Directors. MIAMI REALTORS® represent 58,000 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 288 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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