MIAMI — (RealEstateRama) — Colombia continues to lead all foreign countries searching for South Florida real estate, according to new data from the MIAMI Association of REALTORS® (MIAMI). The South American nation finished as the top international country using MIAMI’s search portal, www.Miamire.com, in June 2016. Colombia has now led the MIAMI rankings for seven consecutive months.
Canada and France increased their interest in Miami real estate as New York maintained its position as the top U.S. state seeking local property. South Florida, meanwhile, finished as the second-most searched U.S. market in June on Realtor.com.
“Miami is a worldwide brand celebrated around the world for its multicultural community,” said Mark Sadek, the 2016 MIAMI Chairman of the Board. “Miami has long attracted buyers from South America, but now we’re seeing a greater array of countries searching and buying our properties. They’re coming with their families. They’re coming with business plans. They’re coming as end users.”
Colombia: A Top Market for South Florida Real Estate
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.
Surging Interest from Canada, France
Canada posted the fifth-most web searches of South Florida real estate in June. Canadians, which have long purchased second homes in South Florida, have now finished at least seventh in the MIAMI rankings for four consecutive months. Like Canadians, the French love South Florida’s resort lifestyle and sunny weather. France’s eighth-place finish in June is its highest since March 2016.
The top-10 countries visiting Miamire.com in June 2016:
- Colombia
- Venezuela
- Brazil
- Argentina
- Canada
- Spain
- India
- France
- United Kingdom
- Philippines
The top-10 countries visiting Miamire.com in June 2015:
- Brazil
- Colombia
- Canada
- Venezuela
- Russia
- Ukraine
- Argentina
- India
- France
- Italy
New York Leads All States in Searching for Miami Real Estate
For the second consecutive month, New York registered the most domestic web searches in June.
Miami’s all-year sunny weather and growing world-class amenities are attracting more interest from Northeastern states. The District of Columbia, also in the Northeast, is another emerging market for Miami real estate. The nation’s capital registered the 8th most web searches of South Florida real estate in June 2016. D.C. ranked ninth in May 2016.
The top-10 U.S. states searching Miamire.com in June
2016: 1) New York, 2) Texas, 3) Georgia, 4) California, 5) Illinois, 6) Pennsylvania, 7) Michigan, 8) District of Columbia, 9) North Carolina, 10) Massachusetts
2015: 1) California, 2) Texas, 3) New York, 4) Georgia, 5) Tennessee, 6) Illinois, 7) Alabama, 8) Louisiana, 9) Nevada, 10) New Jersey
South Florida: No. 2 Most Searched U.S. Market
Miami-Fort Lauderdale-West Palm Beach is the second-most searched U.S. market for international consumers, according to Realtor.com. Los Angeles took over the top spot in June 2016 after Miami had led the rankings for seven consecutive months.
The top-10 U.S. markets for international real estate demand:
- Los Angeles-Long Beach-Anaheim, CA
- Miami-Fort Lauderdale-West Palm Beach, FL
- Bellingham, WA
- New York-Newark-Jersey City, NY-NJ-PA
- Orlando-Kissimmee-Sanford, FL
- Tampa-St. Petersburg-Clearwater, FL
- Urban Honolulu, HI
- Houston-The Woodlands-Sugar Land, TX
- San Diego-Carlsbad, CA
- San Francisco-Oakland, CA
South Florida ranked as a top-five market for consumers in eight of the world’s ten-largest regions in June 2016. South Florida finished as the most-searched market in three regions (South America, Caribbean and Southern Europe).
● North America: 1. New York-Newark-Jersey City, NY-NJ-PA; 2. Chicago-Naperville-Elgin, IL-IN-WI; 3. Dallas-Fort Worth-Arlington, TX; 4. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD; 5. Miami-Fort Lauderdale-West Palm Beach, FL
● South America: 1. Miami-Fort Lauderdale-West Palm Beach, FL; 2. Orlando-Kissimmee-Sanford, FL; 3. Los Angeles-Long Beach-Anaheim, CA; 4. New York-Newark-Jersey City, NY-NJ-PA; 5. Tampa-St. Petersburg-Clearwater, FL
● Northern Europe: 1. Los Angeles-Long Beach-Anaheim, CA; 2. New York-Newark-Jersey City, NY-NJ-PA; 3. Orlando-Kissimmee-Sanford, FL; 4. Miami-Fort Lauderdale-West Palm Beach, FL; 5. Tampa-St. Petersburg-Clearwater, FL
● Australia and New Zealand: 1. Los Angeles-Long Beach-Anaheim, CA; 2. New York-Newark-Jersey City, NY-NJ-PA; 3. San Francisco-Oakland-Hayward, CA; 4. Dallas-Fort Worth-Arlington, TX; 5. Chicago-Naperville-Elgin, IL-IN-WI
● Western Europe: 1. Los Angeles-Long Beach-Anaheim, CA; 2. Miami-Fort Lauderdale-West Palm Beach, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Washington-Arlington-Alexandria, DC-VA-MD-WV; 5. Tampa-St. Petersburg-Clearwater, FL
● Caribbean: 1. Miami-Fort Lauderdale-West Palm Beach, FL; 2. Orlando-Kissimmee-Sanford, FL; 3. Tampa-St. Petersburg-Clearwater, FL; 4. New York-Newark-Jersey City, NY-NJ-PA; 5. Atlanta-Sandy Springs-Roswell, GA
● Southern Europe: 1. Miami-Fort Lauderdale-West Palm Beach, FL; 2. Los Angeles-Long Beach-Anaheim, CA; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Tampa-St. Petersburg-Clearwater, FL; 5. Boston-Cambridge-Newton, MA-NH
● Eastern Asia: 1. Los Angeles-Long Beach-Anaheim, CA; 2. New York-Newark-Jersey City, NY-NJ-PA; 3. Washington-Arlington-Alexandria, DC-VA-MD-WV; 4. Dallas-Fort Worth-Arlington, TX; 5. San Francisco-Oakland-Hayward, CA
● Western Asia: 1. Los Angeles-Long Beach-Anaheim, CA; 2. Miami-Fort Lauderdale-West Palm Beach, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Dallas-Fort Worth-Arlington, TX; 5. Houston-The Woodlands-Sugar Land, TX
● Eastern Europe: 1. Los Angeles-Long Beach-Anaheim, CA; 2. Miami-Fort Lauderdale-West Palm Beach, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Chicago-Naperville-Elgin, IL-IN-WI; 5. Tampa-St. Petersburg-Clearwater, FL
About the MIAMI Association of REALTORS®
The MIAMI Association of REALTORS® was chartered by the National Association of Realtors in 1920 and is celebrating 96 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward Council, the Jupiter Tequesta Hobe Sound (JTHS) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents more than 42,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S., and has official partnerships with 136 international organizations worldwide. MIAMI’s official website is www.miamire.com
