In 2015, foreign buyers continued to drive the South Florida real estate market.

 

In 2015, foreign buyers continued to drive the South Florida real estate market.

62 percent of international buyer sales are made in Venezuela, Brazil, Argentina, Colombia, and Canada. apartments for sale

According to the Miami Association of Realtors and the National Association of Realtors (NAR2015 )'s Profile of International Home Buyers for the Southeast Florida Market, foreign real estate buyers continue to boost the Miami and South Florida real estate market, accounting for 36 percent of total sales volume ($6.1 billion).

 

The annual survey ranks countries of origin and highlights main characteristics of international buyers, with data for Miami-Dade, Broward, and this year's addition of Palm Beach and Martin counties.

 

According to NAR's 2015 Profile of Home Buying Activity of International Clients, Florida remains the top state for international buyers, accounting for 21% of all foreign transactions in the United States. According to the 2015 Profile of International Home Buyers in Florida, Miami and Fort Lauderdale account for half of all foreign sales in Florida.

 

Miami continues to attract more international investors than the rest of the United States. In comparison to the previous year, the number of agents employed with foreign customers rose by four percentage points to 74%. According to NAR, this is more than twice the national average of 35%.

 

In terms of dollar amount of transactions in the Southeast Florida property market, Miami-Dade County accounts for the majority (78.9%), followed by Broward (18.0%), Palm Beach (2.7%), and Martin counties (.03 percent). In South Florida, unit sales accounted for 22% of overall sales.

 

South Florida's Top Investing Countries

 

The following are the top five countries of origin for buyers in Miami-Dade, Broward, Palm Beach, and Martin counties:

 

Venezuela is number one.

Brazil is ranked second.

Argentina is ranked third.

Colombia is number four.

Canada is number five.

Mexico is number six.

France and Italy are ranked seventh and eighth, respectively.

 

Venezuela, Brazil, Argentina, Colombia, and Canada are the top five countries of origin for buyers in South Florida, accounting for 62 percent of total closed sales.

 

Mexico, France, and Italy are among the top countries of origin. Ecuador, Spain, Russia, the Dominican Republic, Chile, China, the United Kingdom, and Peru are among the next tier nations.

 

The following are the top five countries of origin for consumers buying real estate in Miami-Dade:

 

Venezuela is number one.

Brazil is ranked second.

Argentina is ranked third.

Colombia is number four.

5. Mexico and Italy

 

Canada, Ecuador, France, and the Dominican Republic are among the other top countries.

 

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

 

1. Venezuela and Canada

Colombia is ranked second.

Argentina is ranked third.

Brazil is ranked fourth.

India and Russia are ranked fifth and sixth respectively.

 

Consumers from Canada (32%) and Brazil (28%) are the top countries of origin for real estate buyers in Palm Beach County, while those from China (51%) and Canada (28%) are the top buyers in Martin County (34 percent ).

 

Highlights from the survey include:

 

Foreign buyers in South Florida pay a higher price for a home than domestic buyers. Foreign buyers charged an average of $590,000, compared to an average of $329,869 and a median of $215,000 in the United States.

The majority of the transactions were conducted entirely in cash (75 percent ).

Condominiums (52%) in central/urban areas (61%) are preferred, as they plan to use them primarily for vacation and rental investment purposes (71 percent ).

Intend to use the property as a holiday rental and/or rental property (71 percent ).