The real estate market in Miami has seen a significant increase in the participation of Latin American buyers, who have emerged as the primary players in foreign property transactions. These buyers are primarily focused on using the property as an investment for rental purposes or as a vacation home. According to a recent report by the Miami Association of Realtors, approximately 60% of international buyers in Miami come from Latin American countries.
In this trend, Colombia leads the way with 14.7% of the purchases, followed closely by Argentina with 13.7%, Brazil with 6.7%, and Venezuela with 6.4%. Canadian buyers complete the top five with 6%. Additionally, other Latin American countries such as Mexico, Peru, Ecuador, and Chile, along with France, also make it into the top 10.
Regarding the value of the properties purchased, Brazil leads with an average purchase price of $990,000, followed by Venezuela with $521,500 and Colombia with $446,800. Most Latin American buyers intend to use the property for rental or vacation purposes, with the notable exception of Venezuelans, 49% of whom aim to make it their primary residence.
Miami has solidified its position as the most attractive destination in the United States for international investors, accounting for 23% of all foreign real estate transactions in the country. The Miami-Ft. Lauderdale-West Palm Beach metropolitan area emerges as the main market for foreign buyers, attracting 47% of these transactions in Florida.
Between August 2022 and July 2023, international buyers conducted transactions totaling $5.1 billion in single-family homes, townhouses, and condos through Miami realtors. Despite a slight 30% decline compared to previous years, international buyers remain a significant force in Miami’s real estate market.
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