International home sales totaled $ 5.1 billion in the Miami mega-region in 2021; New MIAMI Realtors International report released today
“For international South Florida home purchases to remain essentially at the same level as the previous year despite lockdowns and overseas travel bans is a testament to the incredible resilience and attractiveness of our Marlet. “
November 02, 2021
According to Latest Profile of International Home Buyers from MIAMI Association of Realtors (MIAMI) conducted by MIAMI and the National Association of Realtors (NAR). Now, global investment in Miami is expected to rise, with vaccinated foreigners allowed to resume travel to the United States this month, pent-up demand and a weaker U.S. dollar.
Foreign homebuyers purchased $ 5.1 billion worth of residential properties in South Florida in 2021, down 9% from $ 5.6 billion in 2020. Because the Miami mega-region is America’s # 1 destination for global consumers and home to diverse foreign homebuyers, Miami’s global market has outperformed the state and nation. Statewide, the dollar volume of international buyers fell 22% ($ 15.6 billion last year to $ 12.3 billion in 2021). Nationally, the global dollar volume of home buyers fell 27% (from $ 74 billion to $ 54.4 billion).
“For international South Florida home purchases to remain essentially at the same level as the previous year despite lockdowns and overseas travel bans is a testament to the incredible resilience and attractiveness of our country. market, ”said MIAMI Board Chair Jennifer Wollmann. “We expect a significant increase in the number of foreign visitors once the United States opens its borders to international travelers on November 8. Global buyers buy in Miami because it is a world class global city with better real estate prices than other similar global cities. Foreign buyers feel at home with our diversity and acceptance of all cultures.
The profile surveyed MIAMI members’ international residential transactions from August 2020 to July 2021.
South Florida records more than half of all international Florida home sales
Florida is the # 1 US destination for foreign buyers (21% of all sales), according to NAR’s 2021 Profile of International Transactions in US Residential Real Estate. Florida has been the # 1 state for foreign homebuyers for the past 13 years.
More than half of all international home sales in Florida (52%) are in Miami-Fort Lauderdale-West Palm Beach, according to the Florida Realtors 2021 Profile of International Residential Real Estate Activity in Florida. Orlando finished # 2 with 10% and Tampa is # 3 with 8%. One in five of all international home sales in the United States is in Florida and one in two in Florida is in the Miami Metro market.
According to the Florida Realtors study, South Florida is the number one destination for all of the major buying countries in Florida: Argentina, Brazil, Canada, Colombia and Venezuela.
South Florida secures about 10% of all international home sales in the entire United States
South Florida’s foreign buyers’ market share is four times that of the United States
Purchases by foreign buyers in South Florida accounted for 14% of total dollar volume and 13% of all South Florida residential properties sold in 2021, according to the MIAMI and NAR report. No other market in the United States has these numbers.
At 13%, South Florida’s foreign buyers’ market share remains more than three times that of the state and four times that of the country. Statewide, the global homebuyers market share of all completed sales is 4%. Nationally, the global homebuyers market share is 3%.
New York: Top State Purchases in South Florida
New York ranked number one in state purchases in South Florida, according to the MIAMI and NAR report. Purchases from New York to Miami increased from 24% in 2020 to 29% in 2021. California (15%) and New Jersey (9%) also increased their home buying activity in South Florida. .
An increase in the number of out-of-state individuals and businesses buying and moving to South Florida this year fueled a record year for South Florida real estate. Seven of the top 10-selling months in Miami history were this year, and existing Miami condo sales broke the record for most annual sales in just nine months.
Miami-Dade County has the largest share of foreign buyers in South Florida
Miami-Dade County accounted for the largest share of South Florida’s foreign buyers (65% in 2021; 70% in 2020). Broward County has seen an increase in the number of foreign buyers (27% in 2021; 26% in 2020). Palm Beach County had 3%, up from 2% in 2020.
The foreign buyers’ market share in total sales in each county in 2021 is: Miami-Dade County (13%), Broward County (11%), and Palm Beach County (10%).
Argentina: Top Foreign Country Buying Property in South Florida
Argentina is the first foreign country to buy real estate in South Florida. This is the second year in a row that Argentina has finished No. 1.
The top countries of origin for consumers purchasing properties in South Florida are:
1. Argentina (13% of foreign purchases from South Florida)
2. Colombia (12%)
3. Venezuela (10%)
4. Mexico (7%)
5. Chile and Brazil (6% each)
6. Peru and Canada (5% each)
7. Ecuador (4%)
8. Spain and France (3%)
These top source countries – Argentina, Colombia, Venezuela, Mexico, Chile, Brazil, Peru, Canada, Ecuador, Spain and France – account for 74% of all South Florida’s international sales.
Foreign buyers in South Florida come from over 40 countries. Other US markets are limited to two or three countries. The diverse number of markets that buy from Miami allows the region to consistently post high global sales, because when one overseas market shrinks, others take its place.
Countries that buy from Miami include: Argentina, Colombia, Venezuela, Mexico, Chile, Brazil, Peru, Canada, Ecuador, Spain, France, Bahamas, Dominican Republic , Honduras, Costa Rica, Barbados, Bolivia, Paraguay, Egypt, Israel, Iraq, Iran, Turkey, Greece, Italy, Switzerland, Spain, Portugal, United Kingdom, Sweden, Russia, China , India, South Korea, Malaysia, Vietnam, Indonesia, Japan, Cuba, Haiti, South Africa, Singapore, Jamaica, Czech Republic, and more.
Colombia is the top buyer country in Miami-Dade County
The main countries of origin of consumers purchasing Miami-Dade properties are:
1. Colombia (15%)
2. Argentina (14%)
3. Venezuela (10%)
4. Mexico (8%)
5. Brazil and Peru (7% each)
6. Chile and Canada (4% each)
Other countries that bought properties in Miami-Dade included Ecuador, Italy, Spain, Turkey, Costa Rica, Bolivia, Nicaragua, Dominican Republic, France, China, Cuba, Panama and Russia.
Argentina is the top buyer country in Broward County
The main countries of origin of consumers purchasing real estate in Broward County are:
1. Argentina (17%)
2. Colombia (15%)
3. Peru (8%)
4. Canada, Venezuela and Chile (7% each)
5. Brazil, Dominican Republic, Haiti, Mexico and Spain (3% each)
Other countries that have bought properties from Broward are Bolivia, Ecuador, Bahamas, China, Czech Republic, India, Iran, Italy, Jamaica, Singapore, South Africa , the United Kingdom and Uruguay.
Argentina, Brazil, Canada and Colombia are the main buying countries in Palm Beach County
The top countries of origin of consumers purchasing real estate in Palm Beach County are:
1. Argentina, Brazil, Canada and Colombia (18% each)
2. Chile, Peru and Ukraine (9% each)
Foreign buyers spend 9% more on average than the nation
Foreign homebuyers spend more on real estate than other buyers, and South Florida real estate buyers spend a higher median price than other international buyers in the United States
MIAMI’s international homebuyers spent a median price of $ 386,200 on residential properties in 2021. In comparison, foreign buyers in the United States spend $ 351,800.
63% of South Florida International Buyers Paid in Cash
According to the new MIAMI and NAR survey, approximately 63% of all international residential transactions in South Florida were made in cash. This is 24% more than the percentage of U.S. foreign buyers paying in cash (39%).
International South Florida home buyers prefer condominiums (61%) in central / urban areas (66%), which they intend to use primarily as a residential rental, vacation home, or both ( 72%).
7% of South Florida foreign buyers bought homes without even visiting
About 7% of foreign buyers in South Florida bought local homes without even visiting Florida in 2021. About 23% bought with just one visit to Florida; 29% purchased with two visits; 18% have purchased after visiting Florida three times. About 77% bought with three visits or less.
About 50% of MIAMI members have worked with an international client in the past 12 months. This is more than three times the national figure of 15%.
The survey results reflect MIAMI’s commitment to growing South Florida’s real estate brand globally and Miami’s real estate market position as a premier international destination.
MIAMI has 223 partner organizations around the world and conducts international outreach activities globally.
Visit https://bit.ly/2021MiamiInternational to access the full report.
About the MIAMI Real Estate Agents Association
The MIAMI Association of Realtors was established by the National Association of Realtors in 1920 and celebrates 101 years of service to realtors, the buying and selling public, and communities of South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 52,000 real estate professionals in total in all aspects of real estate sales, marketing and brokerage. It is the largest local association of real estate agents in the United States and has official partnerships with 223 international organizations around the world. The official MIAMI website is http://www.MiamiRealtors.com