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The MIAMI Association of REALTORS® features a half-page article each week in The Miami Herald –International Edition, promoting MIAMI Members and the South Florida real estate market to affluent consumers in Latin America and Europe.

Brazil is Top International Country Searching Miami Real Estate

by | May 08, 2017
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Brazil is the top foreign country searching for Miami real estate, according to new data from the MIAMI Association of REALTORS® (MIAMI). Brazil registered the most South Florida property searches among all countries on MIAMI’s portal, www.Miamire.com, in February 2017.

Brazil led the MIAMI rankings for 13 consecutive months, from June 2014 through June 2015. The South American country had been rising in the rankings recently, finishing second in January 2017. Venezuela and Colombia finished second and third, respectively, in February 2017. Russia, which led the rankings in November and December, had the fifth-most web searches. Mexico makes its first appearance in the Top 10 since it took No. 10 in May 2016.

“Brazilians and South Americans have long been drawn to Miami and our global city,” said Christopher Zoller, the 2017 MIAMI chairman of the board. “But what’s interesting about the February 2017 search rankings is its continental diversity. South America, North America, Asia and Europe are all represented, and that’s reflective of the diversification of Miami real estate buyers.”

The top-10 countries visiting Miamire.com in February 2017:
1.    Brazil         
2.    Venezuela        
3.    Colombia
4.    Canada         
5.    Russia               
6.    India              
7.    Argentina
8.    Philippines
9.    Spain   
10.  Mexico
                 
The top-10 countries visiting Miamire.com in February 2016:
1.    Colombia           
2.    Venezuela              
3.    Brazil
4.    Argentina               
5.  Philippines                     
6.   Canada        
7.   United Kingdom
8.    India        
9.    Mexico
10.  France

Brazil: A Top Market for South Florida Real Estate
Brazilian home buyers purchase the third-most South Florida real estate among all international consumers, according to the 2016 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Brazilians had a 10 percent share of all international purchases in South Florida. Venezuela (15 percent) and Argentina (11 percent) finished ahead of Canada.

Brazilian consumers had the highest average purchase price ($775,000) among South Florida international clients, according to the 2016 MIAMI report.

Brazil had the second-most home purchases in Miami-Dade County (15 percent), trailing Venezuela (17 percent). Brazilians purchased the fifth-most properties in Broward (10 percent) and the third-most in Palm Beach (7 percent).
                  
Georgia Leads All States in Miami Real Estate Searches
Georgia registered the most domestic Miami web searches in February 2017. Georgia has led the domestic rankings in two of the last three months.

The top-10 U.S. states searching Miamire.com in February
2017: 1) Georgia, 2) New York, 3) California, 4) Texas, 5) Illinois, 6) Virginia, 7) North Carolina, 8) New Jersey, 9) Massachusetts, 10) Pennsylvania

2016: 1) Texas, 2) California, 3) New York, 4) Georgia, 5) Tennessee, 6) Illinois, 7) Michigan, 8) North Carolina, 9) Pennsylvania, 10) Indiana

Miami’s Diversity Driving Population Growth
South Florida is now the nation’s eighth largest metropolitan area, and Miami’s ability to attract international residents is a large reason why. Miami-Dade/Broward/Palm Beach metro area surpassed six million residents for the first time earlier this year.

Of the 500,000 new residents who moved to the Miami, Broward, Palm Beach metro area over the last five years, about 65 percent (335,000) came from other countries, according to new U.S. Census data. South Florida’s tax environment (no state income tax in Florida), growing tech industry and infrastructure improvements are leading more Americans to relocate to Miami.

The world is drawn to Miami because Miami speaks their language. Fifty-six different languages are spoken among the student population at Miami-Dade County Public Schools. When you analyze the tri-county South Florida region, 128 languages are spoken in Miami-Dade, Broward and Palm Beach counties, according to a 2015 U.S. Census Bureau report.

Miami Welcomes All Cultures
Unlike any other part of the world, Miami welcomes all nationalities and languages. Miami is home to Cubans, Venezuelans, Brazilians, Argentines, Russians, French, Nicaraguans, Chinese and many other foreign-born natives.

In Florida, Miami and Fort Lauderdale account for 50 percent of foreign sales, according to the 2015 Profile of International Home Buyers in Florida. Foreign real estate buyers accounted for 36 percent or $6.1 billion of total sales volume in South Florida, according to the 2015 Profile of International Home Buyers in Miami Association of Realtors Business Areas.

Art, Culture, Transit Attracting Residents
Miami’s cultural and art institutions are also influencing the region’s population growth. Miami Beach’s Art Basel show draws the world’s top collectors, and the Wynwood neighborhood has gained national and global attention for its trendy local art.

The Adrienne Arsht Center for the Performing Arts and the waterfront Pérez Art Museum Miami (PAMM) opened recently in Downtown Miami. The $305 million Patricia and Phillip Frost Museum of Science adjacent to PAMM will open later this year.

Greater Downtown Miami has seen a 99.6-percent population increase since 2000, growing from 40,466 to 80,750 residents. Brickell — which is the core of Miami’s banking, investment and financial centers — has seen the largest increase in downtown, growing from 12,904 residents in 2000 to 32,489, according to the Miami Downtown Development Authority.

Downtown’s public transit, cultural institutions and growing population are encouraging many of these developments. Miami’s Metrorail Orange Line now takes travelers from the airport to downtown. Also, All Aboard Florida is building a new rail service, which will run 30-plus trains a day to Orlando with stops in Fort Lauderdale and West Palm Beach by 2017.

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