South Florida most preferred destination for Colombian home buyers

South Beach FL

Colombia continues to lead all foreign countries searching for South Florida real estate, according to new data from the Miami Association of Realtors. The South American nation finished as the top international country using MIAMI’s search portal, www.Miamire.com, in July 2016. Colombia has now led the Miami rankings for eight consecutive months.

Spain and Israel increased their interest in Miami real estate as New York maintained its position as the top U.S. state seeking local property.

“It is no surprise Miami is the most searched U.S. market for international home buyers,” said Mark Sadek, the 2016 MIAMI Chairman of the Board. “Miami welcomes and embraces all cultures. From South America to Europe to China to all over the globe, foreign home buyers feel at home in Miami.”

Colombian home buyers tied with Argentinians in purchasing the third-most Miami real estate among foreign countries, according to the 2015 Profile of International Home Buyers in Miami Association of Realtors Business Areas. Colombia registered 10 percent of all foreign South Florida transactions, according to the survey conducted by MIAMI and the National Association of REALTORS. Only Venezuelan (13 percent) and Brazilian (12 percent) buyers purchased more.

Colombians moving to South Florida are often upper-middle-class families who want to enjoy their prosperity earned in their homeland as professionals and entrepreneurs. Colombians spend the second-most on South Florida property among foreign buyers. The $516,000 average purchase price of Colombians tied with Argentina and only trailed Brazil ($766,000), according to the 2015 survey.

Source: Miami Association of Realtors

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