Colombian Buyers are Heading to South Florida for Homes

Although international buyers have been purchasing homes in South Florida for years, a recent study shows that the majority of foreign buyers are now from Colombia. This is great news for the real estate market here, as Colombians tend to have high purchasing power and are interested in purchasing luxury waterfront properties. If you're a seller who's been thinking about selling your home in South Florida, this could be the perfect time to do so! Keep reading for more information!

According to a research by the Miami Association of Realtors, Colombians are the most active foreign purchasers in South Florida, followed by two other South American countries, Argentina and Venezuela.

Colombian property buyers accounted for 11.8 percent of overseas searches on the organization's website in April, while those from Argentina and Venezuela accounted for 7.7% and 6.4 percent, respectively.

According to the survey, two Asian countries, China (5.5%) and the Philippines (5.4%), rounded out the top five healthiest international appetites for property in South Florida. Great Escapes: Barcelona for Gourmands

The top 10 also includes Mexico, Canada, U.K., Brazil and Spain.

"The diversity of countries seeking for Miami residences demonstrates the power of the Miami brand and lifestyle," the association's chairman, Fernando Arencibia Jr., said in the report.

Top 10 Foreign Countries Searching South Florida for Homes

Buyers' desires, however, do not always translate into purchases.

According to the Miami Association of Realtors, which represents more than 60,000 real estate professionals, Argentina was the top foreign nation of origin for homebuyers in South Florida in 2021.

In 2021, Argentinian buyers made up 13% of all international acquisitions in South Florida, with Colombians coming in second with a market share of 12%.

Texas citizens searched for South Florida properties the most in the United States, but were only fourth in out-of-state sales last year.

New York, on the other hand, came in sixth in web searches but first in out-of-state buyers, according to the research.

According to the association, existing-home sales in Miami reached 3,445 in April, the second most for the month.

Miami and South Florida are popular destinations for many reasons. The weather is great, there are plenty of things to do, and the cost of living is relatively low when compared to other coastal cities in the United States. If you’re thinking about making the move to South Florida, or if you just want to learn more about what it’s like here, contact me! I would be happy to chat with you about all of the best things that Miami and South Florida have to offer.

Original Article: CLICK