noticias
The participation of foreign buyers in real estate in South Florida is five times greater than that of the U.S.; New international report from MIAMI REALTORS®
Feb 11, 2025
MIAMI — The participation of foreign buyers in South Florida is five times greater than the figure for the U.S., according to the new 2024 International Buyers Profile by the MIAMI Association of Realtors (MIAMI), published today. The 15th annual report, which includes more than 50 pages of data on home purchases by foreigners in South Florida, details why Miami remains the number 1 international real estate market in the United States.
The share of foreign buyers in South Florida — residential purchases by foreigners as a percentage of dollar volume — was 10% in 2024. This is five times greater than the U.S. figure (2%) and more than three times greater than Florida's (3%).
"Miami is where the world invests in more than just properties: it is a stake in the most dynamic real estate market in the U.S., the Miami lifestyle, opportunity, and a future without limits," said MIAMI Board Chairman Eddie Blanco. "Approximately 10% of all international sales in the U.S. occur in Miami, and this is because we are the most welcoming and diverse region. The world is in love with Miami, and we are in love with the world."
Foreign buyers purchased $3.1 billion in residential properties in South Florida in 2024, a decrease from $5.1 billion in 2023. The total is still greater than in any other market in the U.S.
The year-over-year decline is significantly less than the drop in global sales at the state level (-44%) and national level (-21%). The decrease is attributed to the strength of the U.S. dollar, which makes it difficult for global buyers to move their money, low inventory, uncertainty surrounding U.S. presidential election policies at the time, and other factors. Foreign buyers purchased 4,000 properties in South Florida in 2024, compared to 6,200 the previous year.
While foreign transactions remain strong, Miami also continues to benefit from a historic surge of domestic buyers, particularly from high-tax and high-density areas like New York, California, and New Jersey.
The profile surveyed MIAMI members on international residential transactions over a one-year period, from August 2023 to July 2024.
South Florida secures 10% of all international home sales in the U.S.
Florida is the number 1 destination for foreign buyers in the U.S. (20% of all sales), according to the NAR's 2024 Profile of International Transactions in U.S. Residential Real Estate. Florida has been the number 1 state for foreign buyers for the past 16 years.
Approximately half of all international home sales (49%) in Florida occur in Miami-Fort Lauderdale-West Palm Beach, according to the Florida Realtors' 2024 Annual Profile of International Activity in Residential Real Estate in Florida.
One in five international home sales in the U.S. occurs in Florida, and one in two sales in Florida is found in the Miami metropolitan area.
South Florida secures 10% of all international home sales in the U.S. annually.
Colombia: The top foreign country buying real estate in South Florida
Colombia was the top foreign country that bought real estate in South Florida in 2024.
The top countries of origin for buyers of properties in South Florida are:
Argentina (18% of the total foreign buyers)
Colombia (14%)
Canada (8%)
Brazil (6%) and Mexico (6%)
Venezuela (5%)
Peru (4%) and Chile (4%)
Ecuador (2%) and Spain (2%)
The top two countries — Argentina and Colombia — account for 32% of all closed international sales in South Florida.
Foreign buyers from South Florida come from 49 countries. Other U.S. markets are usually limited to two or three countries. The diverse markets buying in Miami allow the region to maintain high global sales since when one foreign market declines, others take its place.
The countries that buy in South Florida include: Argentina, Colombia, Canada, Brazil, Mexico, Venezuela, Peru, Chile, Ecuador, Spain, Israel, France, Italy, El Salvador, Costa Rica, Bahamas, Dominican Republic, Bolivia, Paraguay, Sweden, Germany, Denmark, United Kingdom, Switzerland, Portugal, Greece, Turkey, Lebanon, Egypt, Saudi Arabia, Dubai, Iran, India, China, Vietnam, Malaysia, Indonesia, Ukraine, Poland, Russia, Japan, South Korea, Honduras, Australia, Austria, Guatemala, Nicaragua, Haiti, Jamaica, Puerto Rico, Thailand, Slovenia, and more.
Miami-Dade has the largest proportion of foreign buyers in South Florida
Miami-Dade County had the largest proportion of foreign buyers in South Florida (65%). The sales volume of foreign buyers in South Florida totaled $2.3 billion in Miami-Dade in 2024.
Broward represented $584 million; Palm Beach had $94 million.
Argentina is the number 1 country in purchases in Miami-Dade
The top countries of origin for buyers in Miami-Dade are:
Argentina (21%)
Venezuela (9%)
Colombia (8%)
Brazil (6%)
Chile (5%) and Canada (5%)
Mexico (4%) and France (4%)
Peru (3%) and Spain (3%)
Colombia is the number 1 country in purchases in Broward
The top countries of origin for buyers in Broward are:
Canada is the number 1 country in purchases in Palm Beach
The top countries of origin for buyers in Palm Beach are:
Canada (25%)
Mexico (14%)
Argentina (12%), Brazil (12%), Italy (12%), Bolivia (12%), and Colombia (12%)
International buyers in MIAMI spend 5% more on average than nationally
Foreign buyers spend more on real estate than other buyers, and South Florida buyers spend a higher average price than other international buyers in the U.S.
International buyers in MIAMI spent an average of $498,300 on residential properties in 2024, compared to $475,000 for foreign buyers in the U.S.
Mexican buyers had the highest average purchase price among foreign buyers from South Florida:
Mexico ($625,000)
Brazil ($607,000)
Canada ($598,800)
Argentina ($470,500)
Venezuela ($469,400)
Colombia ($404,900)
New York: the top state buying in South Florida
New York ranked first as the state that bought the most in South Florida for the third consecutive year, with 24% of out-of-state buyers in 2024.
The top buying states outside of Florida were:
New York (24%)
California (13%)
New Jersey (10%)
Texas (6%)
Georgia (5%) and Massachusetts (5%)
66% of international buyers in South Florida paid in cash
Approximately 66% of all international residential transactions in South Florida were made in cash.
This report reflects MIAMI's commitment to increasing the global presence of the South Florida real estate market and its position as a leading international destination.