Colombia: No. 1 Foreign Country Searching Miami Real Estate

Colombia: No. 1 Foreign Country Searching Miami Real Estate

  • Joelle Oiknine
  • 08/4/23
Colombia: No. 1 Foreign Country Searching Miami Real Estate
Colombia: No. 1 Foreign Country Searching Miami Real Estate

MIAMI — Colombia once again posted the most global web searches for South Florida homes in June 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia has now finished No. 1 or No. 2 among the top list of foreign countries searching Miami real estate in each of the last 16 months.

 

“Global buyers are flocking to Miami for its unrivaled blend of cosmopolitan allure and exceptional real estate opportunities, with prices that outshine those of other global cities,” MIAMI Chairman of the Board Ines Hegedus-Garcia said.

 

Colombia accounted for 10.61 % of all international searches on MiamiRealtors.com in June 2023, near its percentage of searches in June 2022 (13.02%).

 

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

                                                                        Country                                 Share of International Searches

  1. Colombia                        10.61%
  2. Germany                          8.61%
  3. Venezuela                       6.15%
  4. Argentina                        5.73%
  5. Philippines                     4.64%
  6. Spain                               4.55%
  7. Canada                           4.18%
  8. Mexico                           4.05%
  9. China                              3.76%
  10. India                               2.69%

All other countries                 45.03%

 

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.

 

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 2022 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 June 2023

  1. Berlin, Germany
  2. Bogotá, Colombia
  3. Buenos Aires, Argentina
  4. Medellín, Colombia
  5. Caracas, Venezuela
  6. Cali, Colombia
  7. Mexico City, Mexico
  8. Madrid, Spain
  9. Barquisimeto, Venezuela
  10. Maracaibo, Venezuela

 

Georgia No. 1 State Searching for Miami Real Estate
Georgia registered the most domestic Miami real estate web searches in June 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 June 2023
1. Georgia

  1. Texas
  2. Virginia
  3. Illinois
  4. North Carolina
  5. North Dakota
  6. Ohio
  7. New York
  8. Washington
  9. Michigan

 

Top-10 U.S. Metros Searching MiamiRealtors.com in June 2023

  1. Chicago, IL
  2. Fargo-Valley City, ND
  3. New York, NY
  4. Washington, D.C.
  5. Atlanta, GA
  6. Norfolk-Portsmouth-Newport News, VA
  7. Houston, TX
  8. Columbus, OH
  9. Raleigh-Durham (Fayetteville) NC
  10. Charlotte, NC

 

Source: https://www.miamirealtors.com/

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Joelle Oiknine has been recognized as one of the Top Ten producing agents at ONE Sotheby’s International Realty as well as being named to the Real Trends WSJ Top 100 agents in Miami on multiple occasions.

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