How Miami Ranks Among Foreign Buyers

MIAMI—There's plenty of talk about how popular Miami is among foreign buyers. New data backs up that talk.  

Attention from foreign consumers searching U.S. properties is increasing, according to the latest figures from the Miami Association of Realtors. South Florida, the top area in the nation for international real estate buyers, remains the focus of consumers from a diverse group of nations.

In March, Miami ranked second only to Los Angeles among the top 10 overall most searched U.S. cities by non-U.S. consumers throughout the month. Miami moved up from fourth place in earlier rankings. Fort Lauderdale ranks eighth. If the Miami-Fort Lauderdale market were combined, the ranking would be even higher.

“Miami had not previously figured as a top market for buyers from the United Kingdom, who tend to purchase in less expensive areas of Florida,” says 2013 MIAMI Association of Realtors Residential President Fernando I. Martinez. “We are increasingly seeing buyers from new markets becoming increasingly interested in all that Miami has to offer, which is a sign that investors view Miami and South Florida a profitable opportunity.”

The top countries for consumers searching South Florida properties on Miamire.com (Miami Association of Realtors Property Search) in March 2012 compared to March 2013 were from: the US, Canada, Brazil, Colombia, Venezuela, Argentina, France, India, Germany and Ecuador, respectively. The United Kingdom and Spain fell off the top 10 list.

“These results reflect the strong demand from foreign buyers and investors that exists for Miami properties,” says Natascha Tello, 2013 Chairman of the Board of the Miami Association of Realtors.  “It is interesting to see countries like India and Germany ranking among the top markets looking to buy or invest in Miami and South Florida. The Miami real estate market remains a mecca of global activity, differentiating us form the rest of the U.S. and fueling our vibrant real estate market.”