Canada leads Miami real estate searches for second time in history, Miami remains the most-searched U.S. market
Canadian consumers search South Florida real estate more than those from any other country, according to new data from the MIAMI Association of REALTORS® (MIAMI). Canada overtook long-time leader Colombia to become the top international country using MIAMI’s search portal, www.Miamire.com, in October 2016. Since the association has been tracking the information, Canada has topped MIAMI web searches just once before (Nov. 2013).
Colombia led the MIAMI rankings for 10 consecutive months (Dec. 2015- Sept. 2016).
“Miami’s tropical weather, resort lifestyle and world-class shopping have long attracted Canadian home buyers,” said Christopher Zoller, the 2017 MIAMI Chairman of the Board. “With temperatures dropping up north, more Canadian home buyers are purchasing real estate in South Florida. It’s not just Canada. Consumers in states throughout the Northeast are also interested. Our latest data again shows New York as the top U.S. state searching Miami real estate.”
New York has led domestic searches for Miami real estate for six consecutive months. Globally, India registered a notable increase in MIAMI web searches in October, posting the third-most searches among all countries. South Florida is the most searched U.S. market for international buyers, according to October data from Realtor.com.
Canadian consumers buy the fourth-most South Florida real estate among all foreign countries. The North American nation registered 7 percent of all South Florida international sales last year, according to the 2015 Profile of International Home Buyers in MIAMI Association of REALTORS® Business Areas.
Among all international buyers, Canadians spend the most on South Florida real estate. About 86 percent of Canadian buyers paid all-cash for South Florida real estate in 2015. Argentina (80 percent), Brazil (75 percent) and Venezuela (74 percent) trailed Canada in cash sales.
India, the second-most populous country in the world (1.2 billion residents), finished with the third-most web searches for Miami real estate. It is the highest-ever finish for the South Asian country. India finished fourth in the MIAMI rankings in February 2014.
India is the third-largest foreign buyer of United States residential real estate, according to the 2016 Profile of International Activity in U.S. Residential Real Estate conducted by the National Association of REALTORS® (NAR). India spent $6.1 billion in 2016, which trailed only China ($27.3 billion) and Canada ($8.9 billion).
The top-10 countries visiting Miamire.com in October 2016:
- United Kingdom
Source: MIAMI Association of REALTORS