In 2019, international home sales in Miami totaled $6.9 billion.

 

Foreign buyer activity will be slowed in 2019 due to a worsening global economic outlook and political turmoil. qatar properties for sale

A strong U.S. dollar and a worsening global economic outlook outside of the United States slowed international home sales in South Florida in 2019, according to the latest Profile of International Home Buyers of the Miami Association of Realtors (MIAMI) conducted by MIAMI and the National Association of Realtors, but domestic buyers stepped in as total Miami residential sales and prices increased year-over-year. Despite the drop, foreign purchasing activity remained significant, especially when compared to the rest of Florida and the country.

In 2019, foreign homebuyers spent $6.9 billion on residential homes in South Florida, down 21% from $8.7 billion in 2018. Because the Miami Mega Region is the No. 1 U.S. destination for international shoppers and is home to a diverse group of international purchasers, the global market in Miami did not suffer as much as the state and country. International homebuyer dollar volume fell by 30% across the state ($22.9 billion to $16 billion). Global homeowner dollar volume fell 36% (from $121 billion to $77.9 billion) on a national level.

From August 2018 to July 2019, MIAMI members' overseas residential transactions were surveyed. The study's release was delayed due to the association's efforts to cope with the COVID-19 problem and stay-at-home orders.

"Domestic purchasers, notably from tax-heavy Northern states, stepped in last year to protect the Miami market from a drop in overseas house purchases," stated MIAMI Chairman of the Board Jorge L. Guerra Jr. "South Florida's foreign homebuyer market share is still more than double that of the state and eight times that of the United States, demonstrating once again that Miami is the top global destination for international homebuyers."

More than half of all Florida international home sales occur in South Florida.

According to NAR's 2019 Profile of International Transactions in U.S. Residential Real Estate, Florida is the #1 U.S. destination for foreign purchasers (20 percent of all sales). For the past 11 years, Florida has been the most popular destination for international house purchasers.

According to the Florida Realtors 2019 Profile of International Residential Real Estate Activity in Florida, Miami-Fort Lauderdale-West Palm Beach accounts for more than half of all international house sales in the state (53 percent). Orlando came in second with 11 percent, and Tampa came in third with 7 percent. Florida accounts for one-fifth of all international house sales in the United States.

According to a Florida Realtors research, South Florida is the top destination for Argentinian, Brazilian, Canadian, Colombian, and Venezuelan buyers in the state.

South Florida accounts for roughly 10% of all international house sales in the United States.

Florida's south coast Figure: Foreign homebuyers account for eight times the market share in the United States.

 

According to the MIAMI and NAR research, foreign buyers purchased 38 percent of total dollar volume and 26 percent of all residential properties sold in South Florida in 2019. Those figures are not found in any other market in the United States.

South Florida's foreign homebuyer market share is still more than double that of the state and eight times that of the country, at 26 percent. The global homebuyer market share of all closed sales in the state is 12 percent. The global homebuyer market share is 3% at the national level.

Foreign buyers in South Florida are concentrated in Miami-Dade County. Foreign buyers in South Florida were concentrated in Miami-Dade County (77 percent in 2019; 65 percent in 2018). The number of international buyers in Broward County has decreased (19.2 percent in 2019; 31.2 percent in 2018). In Palm Beach County, the unemployment rate was 1.8 percent, down from 3.9 percent in 2018.

Miami-Dade County (33 percent), Broward County (16 percent), and Palm Beach County (16 percent) had the highest foreign buyer market share in 2019. (12 percent ).

The Top Foreign Buyers in South Florida are Venezuela and Argentina. Purchasing Real Estate

The top foreign countries buying real estate in South Florida are Venezuela and Argentina. The following are the top 12 countries of origin for buyers in South Florida:

 

Venezuela and Argentina are two countries that share a border (11 percent of South Florida foreign purchases each)

Colombia is a country in South America (10 percent )

Brazil (8% of the total)

Canada and Mexico are two countries that share a border (6 percent each)

Spain, Peru, and France are three of the most populous countries in the world (4 percent each)

Ecuador, Chile, and the Dominican Republic (3 percent each)

 

Venezuela, Argentina, Colombia, Brazil, Canada, Mexico, Spain, Peru, France, Chile, the Dominican Republic, and Ecuador make for 73 percent of total international closed sales in South Florida.

There are now 22 top-tier global home-buying countries in South Florida, up from 21 last year (as Australia joined the list in 2019).

Italy, the United Kingdom, Russia, China, Germany, Honduras, Nicaragua, Australia, India, and Costa Rica continue to dominate the South Florida market.

The Bahamas, Panama, Bolivia, Guatemala, Uruguay, Haiti, El Salvador, Jamaica, Barbados, Trinidad and Tobago, Japan, South Korea, Portugal, Sweden, Switzerland, Ukraine, Greece, Austria, Nigeria, Turkey, South Africa, Israel, and Egypt are among the foreign buyers in South Florida.

In Miami-Dade County, Venezuela is the most popular country to buy from.

The following are the top countries of origin for buyers in Miami-Dade: Venezuela, Venezuela, Venezuela, Venezuela, Venezuela, Venezuela, Venezuela, Venezuela, Venezuela, Venezuela, Venezuela, Venezuela, Venezuela (17 percent )

Argentina is a country in South America (15 percent )

Brazil is a country in South America (11 percent )

Colombia is a country in South America (10 percent )

Mexico is a country in Central America (5 percent )

Ecuador and Canada are two countries that share a border (4 percent each)

France, the Dominican Republic, Peru, and Spain are among the countries involved (3 percent each)

Bolivia, Chile, Cuba, Guatemala, Nicaragua, Russia, China, El Salvador, Italy, Portugal, United Kingdom, Australia, Bahamas, Germany, Honduras, Israel, Nigeria, Panama, South Africa, Sweden, Trinidad and Tobago, and Uruguay were among the countries that purchased houses in Miami-Dade.

 

In Broward County, Canada is the most popular buying country.

Consumers from the following countries are the most likely to purchase real estate in Broward County:

Canada is a country that has a (22 percent )

Argentina is a country in South America (16 percent )

Colombia is a country in South America (11 percent )

Mexico and Venezuela are two countries that share a border (4 percent )

Cuba and the Dominican Republic are both in the Caribbean (3 percent each)

 

Bahamas, China, France, Jamaica, Russia, United Kingdom, Australia, Ecuador, Honduras, India, Peru, Trinidad and Tobago, and Turkey were among the countries that purchased properties in Broward.

In Palm Beach County, Canada is the most popular buying destination.

Consumers from the following countries are the most common sources of real estate in Palm Beach County: Canada, the United States, and Mexico (28 percent )

Colombia is a country in South America (6 percent )

Brazil and France are two countries that have a lot in common (5 percent )

Argentina, Ecuador, Spain, and Venezuela are four of the world's most populous countries (4 percent each)

Foreign home buyers in South Florida spend 33.9 percent more on average than in the rest of the country.

Foreign home buyers spend much more on real estate than other buyers, and South Florida home buyers pay a higher median price than other international purchasers in Florida or nationwide.

In 2019, overseas home buyers in MIAMI paid $375,600 on average for residential properties. Foreign buyers of Florida Realtors members paid $288,600 on average, compared to $280,600 for foreign buyers in the United States.

 

63 percent of international buyers in South Florida paid in cash.

According to a recent MIAMI and NAR poll, almost 63 percent of all international residential sales in South Florida were completed entirely in cash. In comparison, around 41% of customers in the United States paid cash.

International house buyers in South Florida prefer condominiums (55%) in central/urban locations (67%) that they plan to use primarily as a residential rental, holiday home, or both (73 percent ).