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, http://www.Miamire.com, in May 2016. Colombia has now led the rankings for six consecutive months.
“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.”
Colombian home buyers tied with Argentinians in purchasing the third-most Miami real estateamong 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.