Broward Council of the MIAMI Association of REALTORS

                                                                                                     

                

Colombians Adding to Miami's Multicultural Community

by | Jul 27, 2016

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Looking for a world-class city and a safe place to keep their money, Colombians have increasingly turned to Miami. Known as the Capital of Latin America, Miami boasts premier beaches, brand shopping and urban living, which Colombians and South Americans desire.

So it should come to no surprise that Colombia continues to lead all foreign countries searching for South Florida real estate. Colombia registered the most web searches among all global nations on the MIAMI Association of REALTORS® (MIAMI) web portal, www.Miamire.com in May 2016. Colombia has now led the MIAMI search rankings for six consecutive months.

"We are seeing an increased diversification of foreign buyers from a large array of countries," said Mark Sadek, the 2016 MIAMI Chairman of the Board. "This increased diversification is the new norm for Miami real estate."

Miami is just a three-hour flight from Bogota. Colombians are attracted by Miami's multicultural, multilingual population, tropical climate, global business center and world-class amenities. They join a growing percentage of South Americans here in Miami from countries like Brazil, Peru, Argentina, Venezuela and more.

South Florida is the No. 1 U.S. market for international consumers in May 2016, according to Realtor.com data.

Colombia: A Top Market for South Florida Real Estate
Colombian home buyers tied with Argentinians in purchasing the third-most Miami real estate among foreign countries, according to the 2015 Profile of International Home Buyers in Miami Association of Realtors Business Areas. Colombia registered 10 percent of all foreign South Florida transactions, according to the survey conducted by MIAMI and the National Association of REALTORS. Only Venezuelan (13 percent) and Brazilian (12 percent) buyers purchased more.

Colombians moving to South Florida are often upper-middle-class families who want to enjoy their prosperity earned in their homeland as professionals and entrepreneurs. Colombians spend the second-most on South Florida property among foreign buyers. The $516,000 average purchase price of Colombians tied with Argentina and only trailed Brazil ($766,000), according to the 2015 survey.

Surging Interest from Spain, India
Spain posted the fifth-most searches of South Florida real estate in May. It was the country's highest finish since it took sixth in June 2013. India, meanwhile, continues to show strong interest in Miami properties. India, which has a population of 1.25 billion residents had the sixth-most searches for the third consecutive month.

The top-10 countries visiting Miamire.com in May

2016

  1. Colombia
  2. Venezuela
  3. Argentina
  4. Brazil
  5. Spain
  6. India
  7. Canada
  8. Israel
  9. Philippines
  10. Mexico

2015

  1. Brazil
  2. Colombia
  3. Canada
  4. Venezuela
  5. Argentina
  6. India
  7. Russia
  8. Philippines
  9. United Kingdom
  10. France

South Florida: The Top-Ranked U.S. Market for International Consumers
Miami-Fort Lauderdale-West Palm Beach is the most-searched U.S. market for international consumers, according to Realtor.com May 2016 data. South Florida has now registered the global real estate web searches of any U.S. market for seven consecutive months. Realtor.com began studying U.S. regions for international real estate demand in November 2015.

The top-10 U.S. markets for international real estate demand:

  1. Miami-Fort Lauderdale-West Palm Beach
  2. Los Angeles-Long Beach-Anaheim, CA
  3. Bellingham, WA
  4. New York-Newark-Jersey City, NY-NJ-PA
  5. Orlando-Kissimmee-Sanford, FL
  6. Urban Honolulu, HI
  7. Tampa-St. Petersburg-Clearwater, FL
  8. Kahului-Wailuku-Lahaina, HI
  9. San Francisco-Oakland-Hayward, CA
  10. Houston-The Woodlands-Sugar Land, TX

South Florida ranked as a top-five market for consumers in eight of the world's ten-largest regions in May 2016. South Florida finished as the most-searched market in four of the regions:

North America:

  1. New York-Newark-Jersey City, NY-NJ-PA
  2. Chicago-Naperville-Elgin, IL-IN-WI
  3. Dallas-Fort Worth-Arlington, TX
  4. Philadelphia PA
  5. Miami-Fort Lauderdale-West Palm Beach

South America:

  1. Miami-Fort Lauderdale-West Palm Beach
  2. Orlando-Kissimmee-Sanford, FL
  3. Los Angeles-Long Beach-Anaheim, CA
  4. New York-Newark-Jersey City, NY-NJ-PA
  5. Tampa-St. Petersburg-Clearwater, FL

Northern Europe:

  1. Los Angeles-Long Beach-Anaheim, CA
  2. Orlando-Kissimmee-Sanford, FL
  3. New York-Newark-Jersey City, NY-NJ-PA
  4. Miami-Fort Lauderdale-West Palm Beach
  5. Tampa-St. Petersburg-Clearwater, FL

Australia and New Zealand:

  1. Los Angeles-Long Beach-Anaheim, CA
  2. New York-Newark-Jersey City, NY-NJ-PA
  3. Dallas-Fort Worth-Arlington, TX
  4. San Francisco-Oakland-Hayward, CA
  5. Chicago-Naperville-Elgin, IL-IN-WI

Western Europe:

  1. Los Angeles-Long Beach-Anaheim, CA
  2. Miami-Fort Lauderdale-West Palm Beach
  3. New York-Newark-Jersey City, NY-NJ-PA
  4. Washington DC
  5. Tampa-St. Petersburg-Clearwater, FL

Caribbean:

  1. Miami-Fort Lauderdale-West Palm Beach
  2. Orlando-Kissimmee-Sanford, FL
  3. Tampa-St. Petersburg-Clearwater, FL
  4. New York-Newark-Jersey City, NY-NJ-PA
  5. Atlanta-Sandy Springs-Roswell, GA

Southern Europe:

  1. Miami-Fort Lauderdale-West Palm Beach
  2. Los Angeles-Long Beach-Anaheim, CA
  3. New York-Newark-Jersey City, NY-NJ-PA
  4. Tampa-St. Petersburg-Clearwater, FL
  5. Chicago-Naperville-Elgin, IL-IN-WI

Eastern Asia:

  1. Los Angeles-Long Beach-Anaheim, CA
  2. New York-Newark-Jersey City, NY-NJ-PA
  3. San Francisco-Oakland-Hayward, CA
  4. Washington DC
  5. Dallas-Fort Worth-Arlington, TX

Western Asia:

  1. Miami-Fort Lauderdale-West Palm Beach
  2. Los Angeles-Long Beach-Anaheim, CA
  3. New York-Newark-Jersey City, NY-NJ-PA
  4. Houston-The Woodlands-Sugar Land, TX
  5. Washington DC

Eastern Europe:

  1. Los Angeles-Long Beach-Anaheim, CA
  2. Miami-Fort Lauderdale-West Palm Beach
  3. Chicago-Naperville-Elgin, IL-IN-WI
  4. New York-Newark-Jersey City, NY-NJ-PA
  5. Tampa-St. Petersburg-Clearwater, FL

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