South Florida Dominates International Real Estate Market

The 2024 Profile of International Home Buyers from the Miami Association of Realtors reveals key insights into South Florida's dominant position in the international real estate market:

• Miami's International Dominance: South Florida's foreign buyer share (10%) is five times larger than the national average (2%) and three times larger than Florida's (3%). Miami secures 10% of all international home sales in the entire U.S.
• Significant Investment: Foreign buyers invested $3.1 billion in South Florida residential properties in 2024, though this is down from $5.1 billion in 2023 due to factors like the strong dollar and low inventory. Despite the decline, Miami still attracts more international investment than any other US market.
• Top Origin Countries: Colombia is the top country purchasing South Florida real estate, followed by Argentina, Canada, Brazil, and Mexico. South Florida attracts buyers from a diverse range of 49 countries.
• County Breakdown: Miami-Dade County accounts for the largest share of foreign buyers (65%), followed by Broward and Palm Beach. Argentina leads purchases in Miami-Dade, Colombia in Broward, and Canada in Palm Beach.
• Spending Habits: Miami international buyers spend more on average ($498,300 median price) than the national average for foreign buyers ($475,000). Mexican buyers have the highest median purchase price in South Florida ($625,000).
• Domestic Migration: South Florida also benefits from a surge of domestic buyers, primarily from high-tax states like New York, California, and New Jersey. New York is the top state purchasing in South Florida.
• Cash Purchases & Property Preferences: A significant majority (66%) of international transactions in South Florida are all-cash. Condominiums are the preferred property type (56%), and buyers often intend to use properties as rentals, vacation homes, or both (76%).
• Limited Visits Before Purchase: Over half (52%) of foreign buyers visited Florida only twice or less before making a purchase, with some buying sight unseen.

2024 Report Highlights Miami's Continued Appeal for Global Buyers

The 2024 MIAMI Association of Realtors report underscores South Florida's undisputed reign as the top international real estate market in the U.S.  Despite a slight dip in investment volume compared to the previous year, the region continues to attract significant foreign capital, driven by its diverse appeal, vibrant lifestyle, and status as a gateway to America.  With a buyer pool spanning nearly 50 countries, South Florida's real estate market demonstrates remarkable resilience and adaptability.  The influx of both international and domestic buyers, particularly from high-tax states, further solidifies the region's position as a prime destination for real estate investment.  The prevalence of cash transactions and the preference for condominiums highlight the unique dynamics of this market, while the fact that many buyers make purchases with limited prior visits underscores the strong allure and reputation of South Florida real estate on the global stage.  While external economic factors may influence investment volumes in the short term, South Florida's long-term prospects as a leading international real estate hub remain bright.