Florida Real Estate’s Record 2023 Helped by New Wave of International Buyers

In 2023, Miami secured its crown as the top real estate market in America, and the Sunshine State is especially popular among foreign buyers. 

One in five of all U.S. international home sales happen in Florida and, of those, one in two are in the Miami metro market. In 2023, $5.1 billion worth of homes were sold to international buyers in South Florida, according to a report by Miami Realtors.

The state as a whole brought in $12.6 billion in real estate transactions with foreign buyers, according to another report by Florida Realtors.

With the spotlight on Miami, buyers were willing to pay high prices and, at times, have barely spent any time in Florida prior. This year, 73% of foreign buyers had visited Florida twice or less before purchasing property and 6% had never been to the state at all, the Miami Realtors report revealed.

In past years, Florida has received attention from Russia and South American countries. This year, Florida caught the eye of some other parts of the globe. 

“Miami has always been international,” said Michael Martirena, a luxury real estate agent with Compass. “But Miami continues to grow and blow people away with how quickly it evolves. It’s becoming a much more sophisticated city — the lifestyle, the finances, the tech hub, the shopping.”

Though Germany did not top other regions in terms of number of purchases, buyers from the country have shown newfound interest in the Sunshine State. Germany posted the most global web searches for South Florida real estate in both September and October. 

Meanwhile, other countries’ interest fell. Despite China having the most global web searches for Miami homes at the start of the year, Chinese buyers only made up 2% of buyers in Florida at the end of it. 

However, China was the top country of origin for international buyers in the rest of the U.S., spending $13.6 billion out of a total foreign investment of $53.3 billion, according to the National Association of Realtors. 

Here are some of the top countries whose investros are buying property in Florida, according to the Florida and Miami Realtors’ data:

Canada

Canadians comprise 18% of international buyers in Florida. That’s decreased from earlier years, when Canadians made up as much of 25% of the market. 

Still, Canadians are the most likely to buy vacation nests, with more than half of purchases being second homes. Additionally, 81% of purchases made by Canadians are all-cash.

In total, Canadians spent over $2 billion on Florida’s real estate in 2023. 

Colombia

Colombian buyers come in second place, but with nearly half as many purchases as Canadians. The country’s investors made up 10% of the market, but are among the top foreign buyers to rent out their purchases. 

Almost 50% of homes bought by Colombian buyers are intended for rental income. Colombian buyers also made up 19% of international purchases in Broward County. 

Miami agent and founder of FI Real Estate Filippo Incorvaia said that Colombians typically buy in gated communities and invest differently than European buyers due to political tensions back home. 

“Colombians are looking to invest their money to obviously protect themselves to feel more secure in their surroundings,” Incorvaia said.

Brazil

Brazilian spending has remained steady from past years at 7% of all foreign purchases in Florida. 

However, Brazil is the top country of origin for buyers — 18% — in Palm Beach County, where the average home sale price has skyrocketed to $20 million. 

Though Brazilians bought less property than Colombians, they spent more. Real estate purchases by Brazilian buyers totaled nearly $1.5 billion, while those by Colombians were just under $1 billion. 

Argentina 

Argentinian buyers also comprise 7% of international purchases, however, the vast majority — 91% — are all-cash deals. That tops Canadian’s 81% and the United Kingdom’s 70%.

Buyers from the country also heavily favor condo purchases, with nearly 70% of residential purchases being for the property type.

More so than any other countries’ investors, Argentinian buyers are not living in those homes. Almost 70% of purchases are intended for rental income.

United Kingdom

Florida real estate agents are increasingly noticing the presence of European homebuyers, from ​​London and Paris to Munich and Madrid.

Though Latin real estate shoppers are still prominent, 4% of buyers came from the United Kingdom in 2023. 

Like Canadians, those from the U.K. are primarily buying vacation homes, with 43% of homes bought intended to be used as a secondary home.  Unlike other buyers, U.K. investors preferred single-family homes, with nearly 60% of purchases being for the property type.