MIAMI REAL ESTATE
Miami Real Estate: A Center for Global Investment
By Teresa King Kinney
Construction
cranes in Downtown Miami and throughout South Florida help tell the story of a fast-growing population center and global business hub. Miami’s skyline—a visual marvel with awe-inspiring, high-rise buildings overlooking the Atlantic—has changed more rapidly than any other American city. Global investment from an array of countries have helped fuel the development. Foreign real estate buyers account for 36 percent or $6.1 billion of South Florida total sales volume, according to the 2015 Profile of International Home Buyers in Miami Association of REALTORS® (MIAMI) Business Areas. That is more than four times the eight percent national percentage of foreign buying activity. The annual survey, which was conducted by MIAMI and the National Association of REALTORS® (NAR), is just one indicator of how attractive South Florida has become to international buyers. According to NAR’s 2015 Profile of Home Buying Activity of International Clients, Florida remains the top state for international buyers, accounting for 21 percent of all foreign purchases in the U.S. Miami and Fort Lauderdale account for a staggering 50 percent of all foreign sales in Florida, according to the 2015 Profile of International Home Buyers in Florida. The majority (78.9 percent) of international sales take place in Miami-Dade County, followed by Broward (18 percent), Palm Beach (2.7 percent) and Martin (.03 per-
cent). Foreign home sales accounted for 22 percent of South Florida’s total sales in 2015.
An Appreciating Asset
At a time when stocks, bonds and world economies are declining, Miami real estate offers an appreciating asset to global investors. With its close proximity and easy access to Latin America, Miami has long attracted international home buyers seeking a secure place to invest their money and a safe place to live with their families. Events in other global markets, including the economic slowdown in China, will only strengthen South Florida’s position as a global destination for foreign investment. Today, a diverse collection of cultures regularly visit and choose to live and buy in South Florida. Venezuelans, Brazilians, Argentinians, Colombians, Canadians and more purchase local property. The top countries of origin for consumers purchasing properties in the counties of Miami-Dade, Broward, Palm Beach and Martin are:
Percentage of Foreign Sales in South Florida • Venezuela 13% 12% • Brazil • Argentina 10% • Colombia 10%
• Canada • Mexico • France • Italy
7% 5% 4% 4%
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