The Miami real estate market remains one of the top choices for international buyers, especially those from Latin America. During 2024, foreign investment in South Florida reached historic highs, exceeding US$15.6 billion, according to Florida Realtors‘ annual report.
This momentum translates into the purchase of nearly 33,900 properties by international clients, representing 8% of total existing home sales in the state.
Key Factors Behind International Real Estate Interest in Miami
Miami’s real estate market has been driven by a combination of favourable factors. The region’s economic stability, political instability in buyers’ home countries and growing demand for properties that offer both a vacation retreat and an opportunity to generate rental income have strengthened its appeal. Miami has positioned itself as a place where investors can access luxury properties, but also more affordable options that offer high return potential.
Colombia Leads Latin American Real Estate Investments
Latin American buyers continue to be a key source of demand in the Miami real estate market. According to the report, Colombia leads the way in property searches in the city, ranking highest for 32 consecutive months. Argentina ranks second, with 10 per cent of international buyer activity. Other Latin American countries with significant presence in the Miami market include Brazil (6%), Venezuela (4%), Peru (3%) and Mexico (2%).
Investment Distribution by Latin American Countries in 2024
The Florida Realtors report also reveals the largest real estate investments by Latin American countries in Miami during 2024:
- Brazil: US$1.4 billion.
- Venezuela: US$9 billion.
- Argentina: US$6 billion.
- Colombia: US$5 billion.
International Buyer Preferences in Miami
The type of property purchased in Miami varied according to the nationality of the buyer. Thirty-five percent of international investors opted for condominium or co-op units. Colombians, for example, preferred properties with no rental restrictions, ideal for generating passive income.
Argentinians, on the other hand, looked for properties in areas close to recreational areas with high tourist demand, such as Shoma Bay. Meanwhile, Mexicans opted for ‘affordable luxury’ developments, such as 14 ROCs, which offer competitive prices from US$500,000 and exclusive amenities.
Although Miami remains the top destination for international shoppers, other areas of Florida have also seen an increase in shopping. The Miami-Fort Lauderdale-West Palm Beach area accounts for 47.3% of international purchases. Other cities that have attracted investor interest in 2024 include Tampa-St. Petersburg-Clearwater (11%), Orlando-Kissimmee-Sanford (9.7%), North Port-Sarasota-Bradenton (6.9%) and Cape Coral-Fort Myers (4.7%).
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