Colombia Continues as Top Foreign Country Searching Miami Real Estate; China Surges to No. 2

August 9, 2022 Admin

Colombia posted the most global web searches for Miami homes in July 2022, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia has now topped the list of foreign countries searching for Miami real estate for five consecutive months

MIAMI, Aug. 9, 2022 /PRNewswire-PRWeb/ — Colombia posted the most global web searches for Miami homes in July 2022, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia has now topped the list of foreign countries searching for Miami real estate for five consecutive months as South Florida continues to see surging global buyer demand with pandemic-related protocols relaxing and unstable political situations developing around the world.

“South Florida has an incredible Colombian community; they are part of the vibrant and diverse cultural fabric of our city which along with our welcoming disposition play a major role in Miami being the No. 1 destination in the U.S. for global buyers,” MIAMI Chairman of the Board Fernando Arencibia Jr. said.

Colombia accounted for 12.81% of all international searches on MiamiRealtors.com in July 2022, close to the country’s 13.02% search total in June 2022. China made the biggest move among countries, skyrocketing up 13 spots to No. 2 with a 9.15% share, up from 2.11% in June 2022. Homebuyers from more than 160 countries search MiamiRealtors.com each month.

Top-10 countries Searching MiamiRealtors.com in July 2022:
Country — Share of International Searches

Colombia –12.81%
China — 9.15%
Venezuela — 6.35%
Spain — 6.21%
United Kingdom — 4.93%
Argentina — 4.67%
Canada — 4.65%
Philippines — 3.90%
Brazil — 3.63%
Mexico — 3.35%

All Other Countries — 40.35%

Colombia: A Top Market for South Florida Real Estate
Colombia purchased the second-most South Florida real estate among foreign countries in 2021, according to the 2021 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Colombia buyers purchased 12% of all international purchases in South Florida. Argentina (13%) finished first. Venezuela (10%) finished third. Access the report: https://bit.ly/22MIAMIGlobalStudy

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 July 2022
1. Bogotá, Colombia
2. Medellín, Colombia
3. Buenos Aires, Argentina
4. Caracas, Venezuela
5. Montreal, Canada
6. Barquisimeto, Venezuela
7. Arjona, Colombia
8. Barranquilla, Colombia
9. Madrid, Spain
10. Sao Paulo, Brazil

Washington: #1 State Looking for Miami Homes for Second Consecutive Month
Washington registered the most domestic Miami real estate web searches in July 2022. Texas ranked as the No. 10 out-of-state buyer in the South Florida area in 2021, according to the 2021 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. New York was No. 1. Access the report: https://bit.ly/22MIAMIGlobalStudy

Top-10 U.S. States Searching MiamiRealtors.com in July 2022
1. Washington
2. Virginia
3. California
4. Texas
5. New York
6. Georgia
7. North Carolina
8. Ohio
9. Illinois
10. Michigan

Top-10 U.S. Metros Searching MiamiRealtors.com in July 2022
1.Washington, D.C.
2. New York, NY
3. Atlanta, GA
4. Los Angeles, CA
5. Chicago, IL
6. Dallas-Ft. Worth TX
7. Columbus, OH
8. Houston, TX
9. Charlotte, NC
10. San Francisco–Oakland–San Jose, CA

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 102 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 over 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 230 international organizations worldwide. MIAMI REALTORS has launched its new YPN Global and will host the first-ever YPN Global Congress in early 2023 in Dubai. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is http://www.MiamiRealtors.com