Miami Tops Global Real Estate Investments in 2023
In 2023, Miami emerged as a leading real estate market in foreign investment in the United States, with one in five U.S. international home sales occurring in Florida and half of those in the vibrant city.
A staggering $5.1 billion worth of homes were sold to international buyers in South Florida, highlighting the region’s allure for global investors.
The state of Florida, as a whole, witnessed $12.6 billion in real estate transactions with foreign buyers. Interestingly, 73% of foreign buyers visited Florida twice or less before making a purchase, with 6% having never been to the state, according to a report by Miami Realtors.
Among the top countries investing in Florida’s real estate market, Canadians led with 18%, spending over $2 billion in 2023. Colombians followed, comprising 10% of the market, with a significant focus on rental income. Brazilians maintained a steady 7% share, becoming the top buyers in Palm Beach County. Argentinians and buyers from the United Kingdom each accounted for 7% of international purchases, with distinctive preferences such as all-cash deals and a penchant for single-family homes, respectively.
Source: FloridaTrend / Dec, 2023 |
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