According to a news release from the MIAMI Association of REALTORS® (MIAMI), Colombia had the most global online searches for Miami properties in March 2023. Colombia, which was surpassed by China last month, has now finished second after Colombia among foreign countries seeking Miami real estate in the last 13 months.
MIAMI Chairman of the Board Ines Hegedus-Garcia said; “Miami is the most popular and attractive destination in the U.S. for international homebuyers, and the great diversity of countries seeking each month demonstrates how Miami and South Florida have earned their status as world-class destinations.”
Top-10 Countries Searching Miami Real Estate in March 2023:
Country Share of International Searches
- Colombia 11.06%
- China 9.15%
- Argentina 7.05%
- Venezuela 6.78%
- Philippines 4.23%
- Mexico 4.13%
- New Zealand 3.63%
- Canada 3.48%
- Spain 3.42%
- Brazil 3.09%
All other countries 43.98%
Top Global Real Estate Markets in South Florida
According to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members, Argentina acquired the most South Florida real estate among international countries in the year 2022. Argentina purchasers accounted for 16% of all overseas acquisitions in South Florida. Followed by Colombia (13%), Peru and Canada (8% each), and Venezuela (6%), in that order, rounded out the top 5 for making the most real estate purchases.
According to the National Association of REALTORS® 2022 International Transactions in U.S. Residential Real Estate, Florida was recognized as the top destination for international purchasers for 14 straight years. According to the report, Florida is the top destination for foreign real estate purchasers from Colombia, Canada, Brazil, and other countries.
According to the 2023 Knight Frank Wealth Report, Miami remains an excellent value for the prime property ($1M and higher) when compared to other worldwide cities. Homebuyers can get 64 square meters of prime Miami property for $1 million. That is about roughly two times the size of New York (33 square meters) and London (34 square meters) and about four times the size of Monaco (17 square meters), and more than Tokyo, Sydney, Paris, and other cities.
According to the NAR 2022 International Study, South Florida is also a bargain when compared to other global cities and U.S. metropolitan areas across all price categories. Miami-Fort Lauderdale-West Palm Beach’s price per square meter is $3,170, which is significantly lower than at least 30 global cities and 13+ U.S. Metros which include markets such as Hong Kong ($28,570), New York City ($17,191), Hayward-Oakland-San Francisco, CA ($8,250), Spain, Madrid ($6,173), Long Beach-Los Angeles- Glendale, CA ($4,740) and Bellevue-Seattle-Tacoma, WA ($4,460).
Top-10 International Cities Searching Miami Real Estate in March 2023
- Buenos Aires, Argentina
- Bogotá, Colombia
- Medellín, Colombia
- Barquisimeto, Venezuela
- Caracas, Venezuela
- Cali, Colombia
- Madrid, Spain
- Mexico City, Mexico
- Sao Paulo, Brazil
- Toronto, Canada
Texas No. 1 State Searching for Miami Real Estate for Fourth Consecutive Month
Texas registered the most domestic Miami real estate web searches in March 2023.
According to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members, New York was the top state for out-of-state buyers in the South Florida area.
Top-10 U.S. States Searching Miami Real Estate in March 2023
- North Carolina
- New York
Top-10 U.S. Metros Searching Miami Real Estate in March 2023
- Roanoke-Lynchburg, VA
- New York
- Washington, D.C.
- Los Angeles
- Raleigh-Durham, NC
- Greenville-Spartanburg-Asheville-Anderson, SC
- Charlotte, NC
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was founded in 1920 by the National Association of Realtors and is commemorating 103 years of serving Realtors, the buying and selling public, and South Florida communities. Six organizations are involved: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-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 Association of Realtors (MIAMI) represents almost 60,000 total real estate professionals in sales, marketing, and brokerage. It is the biggest leading local Realtor association in the United States and has official affiliations with 246 international organizations throughout the world. The honor of hosting the renowned FIABCI World Congress on June 5-9, 2023 has been granted to MIAMI.