Florida continues to consolidate itself as the top destination for foreign buyers in the United States, accounting for 23% of transactions of this type, according to a report by the Miami Association of Realtors.
During 2023, Florida’s real estate market was mainly dominated by local and national buyers, especially from the northern and eastern regions of the country. However, in the first five months of 2024, there has been a significant resurgence of Latin American buyers, who have returned to invest in properties with the same intensity as before the pandemic.
In Downtown Miami, properties such as Gale Miami Hotel & Residences have seen a notable increase in sales from Colombia (30%), Mexico (30%), Honduras (15%), Brazil (10%) and Ecuador (5%). For its part, The Elser Hotel and Residences has attracted approximately 70% of its buyers from Latin America, with Colombia and Mexico leading the way.
New Builds and Buying Preferences
Newly built residences are also capturing the interest of Latin American buyers. JEM Private Residences, which began construction in April, has seen an exponential increase in sales: 39% of buyers are Mexicans (mainly from Monterrey, Puebla and Guadalajara), 22% from Colombia (Bogotá and Medellín), who prefer studio or one-bedroom units, and 11% from Brazil, who are looking for larger units as second homes for vacations.
This resurgence of Latino investment in Miami’s real estate market has several implications. First, it reflects a broader trend of international investors seeking safe havens for their assets amid global uncertainty. Colombians, Mexicans and Brazilians, currently the most active foreign buyers, are looking to diversify their wealth in dollars in a solid rental market.
In addition, this influx of Latino investment bolsters Miami’s real estate market and has significant effects on the local economy, from job creation to urban development. Not only are Latinos looking for their second or third residency in Miami, but they also see lucrative investment opportunities.
According to the latest report from the MIAMI Association of Realtors (Miami), Colombia registered the highest number of global searches on the real estate website in South Florida in April 2024. Colombia has maintained a prominent position among the top countries looking for real estate in Miami for the past 26 consecutive months.
The ten countries with the most searches in MiamiRealtors.com in April 2024 were:
Colombia: 11.1%
United Kingdom: 6.6%
Canada: 6.4%
Argentina: 5.9%
Germany: 5.8%
Venezuela: 5.4%
India: 5.2%
Russia: 5.2%
Spain: 5.1%
Philippines: 4.3%
Latin American buyers’ preference for Miami as an investment destination continues to increase, driven by the stability of the market and the multiple opportunities it offers. This phenomenon not only transforms the real estate market, but also contributes significantly to the economic growth of the region. With a promising outlook, Miami is reaffirming itself as a magnet for international investment.
