MIAMI Association of REALTORS

     

                

Miami Herald: Leader's Columns

  • South Florida’s World-Renowned Multiculturalism Fueling Home Sales

    by | Jun 27, 2016
    English | Spanish

    Carlos Gutierrez, P.A.
    2016 Residential President
    MIAMI Association of Realtors®

    South Florida’s unparalleled ability to attract international home buyers and world-class global developers continues to boost the local economy, lift home sales and spur state-of-the-art commercial development.

    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 boasts the highest-in-the-nation share of foreign home sales ($6.1 billion in total sales volume in 2015) and unprecedented international allure (South Florida is the most searched U.S. destination by international consumers on Realtor.com).

    Foreign Home Buyers Boosting Miami Real Estate

    Despite a strong U.S. dollar and economic instability worldwide, international residents continue investing in South Florida residential properties. Foreign real estate buyers accounted for 36 percent or $6.1 billion of total sales volume, according to the 2015 Profile of International Home Buyers in Miami Association of Realtors Business Areas, conducted by the 42,000-member MIAMI Association of REALTORS® (MIAMI) and the National Association of Realtors (NAR).

    In Florida, Miami and Fort Lauderdale account for 50 percent of foreign sales, according to the 2015 Profile of International Home Buyers in Florida.

    Miami Embraces All Cultures

    Miami is the most international city in the United States. 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 students, speak 56 different languages and represent over 160 countries.

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