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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.

Argentina Ranks No. 2 Globally for Most Miami Real Estate Transactions

by | Aug 23, 2017

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Argentinian consumers buy the second-most South Florida real estate among all foreign countries.

The South American country registered 11 percent of the $6.2 billion in South Florida residential real estate purchases by foreign buyers, according to the 2016 Profile of International Homebuyers of MIAMI Association of RELATORS® Members. The National Association of REALTORS® (NAR) conducts the annual profile for MIAMI.

South Florida’s global business center, world-class shopping, affordability compared to other world cities, and outdoor lifestyle are some reasons why Argentinians purchase.

 Top Countries Investing in South Florida 

                  1.    Venezuela (15 percent of South Florida foreign purchases) 
                  2.    Argentina (11 percent) 
                  3.    Brazil and Colombia (10 percent each) 
                  4.    Canada (6 percent) 
                  5.    Mexico, France & Peru (4 percent each)

Argentinian Buyer Characteristics
Argentinians preferred Miami-Dade over Broward, according to MIAMI’s 2016 Profile. About 69 percent of Venezuelan residential buyers purchased in Miami-Dade. About 26 percent purchased in Broward County, 2 percent bought in Palm Beach County and 2 percent chose another South Florida county.

 Argentina ranked as the third-highest foreign buyer (14 percent) in Miami-Dade behind Venezuela (17 percent) and Brazil (15 percent). Argentinians registered 12 percent of all foreign transactions in Broward, trailing Venezuela (18 percent), Colombia (17 percent) and Canada (13 percent).

Argentinian consumers paid on average $406,000 for South Florida properties. In comparison, all MIAMI buyers spend $352,900 on average. Foreign buyers of Florida Realtors members spend $412,100 on average, while foreign buyers in the U.S. spend $477,500 on average.

Country                                Avg. Purchase Price for South Florida Real Estate

1. Brazil                                 $775,000
2. Canada                             $646,000
3. Venezuela                         $534,000
4. Argentina                         $406,000
5. Colombia                          $388,000

78 Percent of Argentinian Buyers Pay All-Cash
About 78 percent of Argentinian buyers paid all-cash for South Florida real estate. Among all foreign buyers, Argentina ranked second for highest percentage of cash sales. Canada (81 percent) finished first. About 72 percent of South Florida international buyers paid all-cash, according to the 2016 Profile.

Most Argentinian buyers purchased condominiums in the central city/urban areas. About 70 percent of Argentinians preferred condominiums over townhouse (15 percent) and single-family homes (11 percent). About 72 percent of Argentinian buyers bought in the central city/urban locations over suburban (9 percent), small town (2 percent and resort area (17 percent).

Argentinians Buy Properties for Residential Rental Reasons
Argentinians mostly use their South Florida property for residential rentals. About 52 percent of Argentinians intend to use their properties for residential rentals; 22 percent for vacation home, 14 percent for both vacation and residential rental, 16 percent for primary residence, 6 percent other reasons and 4 percent didn’t list a reason.

World-Class Amenities, Affordability
International home buyers purchase in Miami for more reasons than just world-class beaches and sunny weather. Miami has developed into a top global city with world-class amenities. Miami is also so multicultural that it’s very easy to integrate here.

Miami’s global transformation began when Art Basel, the biggest contemporary-art fair in the United States and one of the largest in the world, chose to host an annual event here. Art Basel added Miami Beach to the radar of wealthy international collectors.

New cultural institutions such as Pérez Art Museum Miami, the Institute of Contemporary Art, Miami, and the Frost Museum of Science have added to Miami’s global brand. From its colorful Wynwood murals to its shining new art museums to its hip Design District, Miami exudes art. You can’t go anywhere in this town without seeing this staple of Miami life.

Miami is also affordable compared to cities like New York and San Francisco.

A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost $149,900 on average, according to the National Association of Realtors 2015 Profile of Home Buying Activity of International Clients. The price for the same condo in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) were at least five times higher.

Safe Place to Invest
Like other international buyers, Venezuelans view Miami as a safe place to invest their money. In an ideal location for a resort lifestyle, Miami provides foreign home buyers safety of investment that they don’t typically see in their respective homelands. The U.S. has a trustworthy legal system, which places importance on property rights.

 Historical-low interest rates in addition to world-class condominiums with oceanfront views are attracting international home buyers to South Florida.

Miami Welcomes All Culture
Miami is the most international city in the U.S. About 51.3 percent of Miami residents are foreign born, according to the U.S. Census. Miami’s concentration of foreign-born residents is more than double the national average of 19.4 percent.

Direct Flights
Miami International Airport (MIA) offers 160 direct flights, including 25 to South America. MIA has non-stop flights to Buenos Aires (American Airlines, Latam Airlines and Aerolineas Argentinas). Fort Lauderdale-Hollywood International Airport (FLL) has 116 direct flights, including 60 international destinations.

Boosting the Market
Argentinians are part of a significant number of South Florida international buyers who are increasingly purchasing property in South Florida. The foreign clients want to live, work, and play in our multicultural, multilingual region.

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