JTHS Council of the MIAMI Association of REALTORS - Jupiter, Tequesta, Hope Sound

     

                

Argentinian Home Buyers Rank among South Florida's Top International Clients

by | Feb 24, 2016

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Argentinian consumers buy the third-most South Florida real estate among all foreign countries. The South American nation registered 10 percent of South Florida sales last year, according to the 2015 Profile of International Home Buyers in MIAMI Association of REALTORS® Business Areas. 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 property here.

South Florida's top international buyers in 2015:
Country | Percentage of South Florida foreign sales
1. Venezuela 13%
2. Brazil 12%
3. Argentina 10%
3. Colombia 10%
4. Canada 7%
5. Mexico 5%
6. France 4%
6. Italy 4%

Argentinian Buyer Characteristics
Argentinians preferred Miami-Dade County over Broward, according to the 2015 Profile of International Home Buyers in MIAMI Association of REALTORS® Business Areas. Argentina ranked as the third-largest foreign buyer in Miami-Dade by registering 12 percent of all foreign transactions. Venezuela (26 percent) and Brazil (13 percent) finished first and second, respectively, in Miami- Dade County.

In Broward County, Argentinian home buyers finished with the third-most purchases among all foreign buyers. Argentinian consumers accounted for 9 percent of all foreign transactions in Broward. Canada and Venezuela (both at 16 percent) and Colombia finished first and second, respectively.

Argentinians paid on average $516,000 for South Florida properties, which is significantly higher than the $258,000 average among all buyers in Florida.

Country | Avg. Purchase Price for South Florida Real Estate
1. Brazil $766,000
2. Colombia $516,000
2. Argentina $516,000
3. Canada $510,000
4. Venezuela $488,000

All-Cash Buyers
About 80 percent of Argentinian buyers paid allcash for South Florida real estate in 2015. Among all foreign buyers, Argentina ranked second for percentage of cash sales. Canada (86 percent) finished first, followed by Argentina, Brazil (75 percent), Venezuela (74 percent) and Colombia (66 percent). About 75 percent of South Florida international buyers paid all-cash, according to the 2015 Profile.

Most Argentinian buyers purchased condominiums in the central city/urban areas. As far as the type of property, about 46 percent of Argentinians bought condos versus the 30 percent who purchased singlefamily homes. About 61 percent of Argentinian clients bought in central city/urban areas.

Argentinians Buy Properties for Rental Reasons
Argentinians mostly use their South Florida property for residential rentals. About 46 percent of Argentinians intend to use their properties for residential rentals; 11 percent for primary residence/ retirement; 14 percent for vacation home; 22 percent for vacation and rental; 1 percent for student use; 4 percent listed other reasons.

About 60 percent of Argentinian buyers intended to use their South Florida properties for up to six months each year.

Safe Place to Invest
Like other international buyers, Argentinians 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 Cultures
Argentinians enjoy South Florida's unique multilingual, multicultural population. 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.

Students at Miami-Dade County Public Schools, the nation's fourth largest school district in the U.S. with 345,000 pupils, speak 56 different languages and represent over 160 countries. Miami's multicultural background can be best seen in its list of international home buyers.

Affordability, World-Class Amenities
A global city with world-class amenities like the Pérez Art Museum Miami and the Adrienne Arsht Center for the Performing Arts in downtown Miami, South Florida offers international and domestic buyers a unique place to live, work, and play. Miami is not only a dynamic place to live, but it's also incredibly 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.

Direct Flights
Miami International Airport (MIA) offers nonstop flights to more than 150 cities, including 98 international destinations. Fort Lauderdale- Hollywood International Airport (FLL) offers non-stop flights to more than 150 cities, including 50 foreign stops.

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. The international buyers are not only paying more on average for properties, they tend to do it with all-cash.

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