Colombia Tops Miami Real Estate Global Searches, Spain Moves to No. 2
Spain moved from No. 7 in May 2024 to No. 2 in June 2024. In June 2024, MIAMI REALTORS® partnered with the Spanish International Realty Alliance (SIRA) to host the YPN Global Congress in Valencia, Spain. Attendees then attended Inmociónate 2024, the largest real estate event in the Spanish-speaking world for a day and a half of education, networking and fun.
About 143 countries searched MiamiRealtors.com, which has three consumer-facing property search portals, in June 2024. The top-10 includes countries from four continents: South America, Europe, North America and Asia.
Top-10 Countries Searching MiamiRealtors.com in June 2024:
Country Share of International Search
1. Colombia 10.8%
2. Spain 7.1%
3. Canada 6.5%
4. United Kingdom 5.7%
5. Argentina 5.4%
6. China 5.2%
7. Venezuela 5.1%
8. New Zealand 4.5%
9. India 4.4%
10. Philippines 4.4%
All other countries 40.9%
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 June 2024
1. Bogotá, Colombia
2. Madrid, Spain
3. London, England
4. Santo Domingo, Dominican Republic
5. Dublin, Ireland
6. Medellin, Colombia
7. Toronto, Canada
8. Caracas, Venezuela
9. Paris, France
10. Barquisimeto, Venezuela
Virginia No. 1 State Searching for Miami Real Estate
Virginia registered the most domestic Miami real estate web searches in June 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 June 2024
1. Virginia
2. Georgia
3. New York
4. Ohio
5. North Carolina
6. Michigan
7. California
8. Indiana
9. Texas
10. Pennsylvania
Top-10 U.S. Cities Searching MiamiRealtors.com in June 2024
1. New York, NY
2. Atlanta, GA
3. Washington, D.C.
4. San Antonio, TX
5. Los Angeles, CA
6. Columbus, Ohio
7. Philadelphia, PA
8. Greenville, S.C.
9. Boston, MA
10. Houston, TX
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 http://www.MiamiRealtors.com
Media Contact
Chris Umpierre, MIAMI Association of Realtors, 3054687047, [email protected], www.MiamiRealtors.com
SOURCE MIAMI Association of Realtors
