Miami is Most-Searched U.S. Market by International Consumers
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 May 2016. Colombia has now led the rankings for six consecutive months.
The new MIAMI rankings show surging interest from Spain and India, and a new domestic leader. New York registered the most searches of Miami real estate among U.S. states.
South Florida is the No. 1 U.S. market for international consumers in April 2016, according to Realtor.com.
“International buyers continue searching and buying Miami real estate,” said Mark Sadek, the 2016 MIAMI Chairman of the Board. “We are seeing an increased diversification of foreign buyers from a large array of countries. This increased diversification is the new norm for Miami real estate.”
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 Spain, India
Spain posted the fifth-most searches of South Florida real estate in May. It was the country’s highest finish since it took sixth in June 2013. India, meanwhile, continues to show strong interest in Miami properties. India, which has a population of 1.25 billion residents had the sixth-most searches for the third consecutive month.
The top-10 countries visiting Miamire.com in May 2016:
- Colombia
- Venezuela
- Argentina
- Brazil
- Spain
- India
- Canada
- Israel
- Philippines
- Mexico
The top-10 countries visiting Miamire.com in May 2015:
- Brazil
- Colombia
- Canada
- Venezuela
- Argentina
- India
- Russia
- Philippines
- United Kingdom
- France
New York Consumers Search the Most for Miami Real Estate
New York registered the most web searches among U.S. states in May 2016. It marked the first time New York led all other states in Miamire.com searches since October 2014.
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, had a notable search total. D.C. had the ninth-most web searches of Miami real estate in May 2016. It’s the highest-ever finish for the nation’s capital since MIAMI started tabulating property search results.
The top-10 U.S. states searching Miamire.com in May
2016: 1) New York, 2) Georgia, 3) Texas, 4) California, 5) Illinois, 6) Massachusetts, 7) North Carolina, 8) Pennsylvania, 9) District of Columbia, 10) Minnesota
2015: 1) California, 2) Georgia, 3) Texas, 4) New York, 5) Illinois, 6) Tennessee, 7) North Carolina, 8) Louisiana, 9) Nevada, 10) Michigan
South Florida: The Top-Ranked U.S. Market for International Consumers
Miami-Fort Lauderdale-West Palm Beach is the most-searched U.S. market for international consumers, according to Realtor.com May 2016 data. South Florida has now registered the global real estate web searches of any U.S. market for seven consecutive months. Realtor.com began studying U.S. regions for international real estate demand in November 2015.
The top-10 U.S. markets for international real estate demand:
- Miami-Fort Lauderdale-West Palm Beach, FL
- Los Angeles-Long Beach-Anaheim, CA
- Bellingham, WA
- New York-Newark-Jersey City, NY-NJ-PA
- Orlando-Kissimmee-Sanford, FL
- Urban Honolulu, HI
- Tampa-St. Petersburg-Clearwater, FL
- Kahului-Wailuku-Lahaina, HI
- San Francisco-Oakland-Hayward, CA
- Houston-The Woodlands-Sugar Land, TX
South Florida ranked as a top-five market for consumers in eight of the world’s ten-largest regions in April 2016. South Florida finished as the most-searched market in four of the regions:
● 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. Orlando-Kissimmee-Sanford, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 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. Dallas-Fort Worth-Arlington, TX; 4. San Francisco-Oakland-Hayward, CA; 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. Chicago-Naperville-Elgin, IL-IN-WI
● Eastern Asia: 1. Los Angeles-Long Beach-Anaheim, CA; 2. New York-Newark-Jersey City, NY-NJ-PA; 3. San Francisco-Oakland-Hayward, CA; 4. Washington-Arlington-Alexandria, DC-VA-MD-WV; 5. Dallas-Fort Worth-Arlington, TX
● Western Asia: 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. Houston-The Woodlands-Sugar Land, TX; 5. Washington-Arlington-Alexandria, DC-VA-MD-WV
● Eastern Europe: 1. Los Angeles-Long Beach-Anaheim, CA; 2. Miami-Fort Lauderdale-West Palm Beach, FL; 3. Chicago-Naperville-Elgin, IL-IN-WI; 4. New York-Newark-Jersey City, NY-NJ-PA; 5. Tampa-St. Petersburg-Clearwater, FL
