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Foreign buyers invested $6.8 billion in South Florida residential real estate between August 2021 and July 2022, according to a report by the Miami Realtors Association. The amount represents an increase of 34% over the same previous period, a percentage considerably higher than the US average of 8.5%.
The number consolidates the state of Florida as one of the most desirable destinations in the world for investors, who represent 17% of all properties sold in the Miami area.
Buyers come from different countries. Argentina occupies first place in the ranking, with 16% of investments. Next comes Colombia, with 13%, Canada and Peru, the latter tied with 8%. The Brazilians took 8th place.
Brazil rose rapidly in the rankings in December, rising from 12th in November to 8th in web searches, a jump the real estate group attributed to political turmoil and a recent change in government.
Of the top ten positions, 7 are occupied by Latin countries. Like Brazilians, they are investors seeking protection in the US currency, in the face of political and economic instability in their home countries. Colombia, in online search numbers, occupied the top of the ranking last month.
Colombia threatens the heyday of the Argentines. The country carried out the most searches for real estate in Miami on the Miami Association of Realtors platform in November 2022. The behavior indicates that the volume of purchases by Colombians may increase in the coming months.
Foreign investors raise average property prices
The Miami Realtors Association report also revealed that foreign investors put pressure on property prices in Florida, accounting for the highest average purchase price: US$ 500,000. The price is 24% higher than the median homebuyer price of $404,000.
What are you waiting for to invest in the most solid economy in the world?
Now is a good time to buy Florida real estate as we are at the end of a micro-cycle in Miami and Orlando real estate. With the downward trend in US interest rates, buyers will soon be encouraged to buy real estate in the region. Take advantage of still attractive prices and make a solid dollar investment.
AMG International Realty is a global real estate company specialized in Florida. If you want to know more about real estate opportunities in Florida, get in touch right now and chat with me via WhatsApp: +1 305 318 6968 (Heloisa Arazi).