“Foreign real estate buyers continue to strengthen the Miami and South Florida real estate market”, “2016 data for Miami-Dade, Broward ranking countries of origin and highlights key characteristics of foreign buyers” says Mark Visconti President of Visconti Industries Incorporated of Miami.
Florida remains the top state for international buyers with over 20 percent of all foreign purchases in the U.S. In Florida, Miami and Fort Lauderdale account for 50 percent of foreign sales, according to the 2015 Profile of International Home Buyers in Florida.
“There continue to be more foreign buyers in Miami than in the rest of the U.S. The number of agents working with international buyers increased to over 70 percent compared to the previous year. That's more than double the national figure of 35 percent”, says Visconti.
In terms of dollar volume of sales in the Southeast Florida property market, the majority (78.9 percent) of international sales take place in Miami-Dade County, followed by Broward (18.0 percent), Palm Beach (2.7 percent) and Martin (.03 percent). Unit sales accounted for 22 percent of total sales in South Florida, states NAR 2016 reporting.
The top countries of origin for consumers buying real estate in Palm Beach County are Canada (32%) and Brazil (28%), while top consumers buying in Martin County are originally from China (51%) and Canada (34%).
The top five countries of origin for consumers purchasing properties in Miami-Dade, Broward, Palm Beach and Martin counties are:
- Venezuela
- Brazil
- Argentina
- Colombia
- Canada
- Mexico
- France and Italy