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Latin American Buyers Return to Florida

May 15, 2024 | Real Estate Market & Lifestyle

Latin Americans have returned, and with the same pre-pandemic strength, to invest millions of dollars in properties in Florida.

Florida ranks as the top destination for foreign buyers in the United States, accounting for 23% of these buyers’ transactions, being especially a destination for people from Colombia, Brazil and Mexico, according to a report by the Miami Association of Realtors.

Within Florida, the Miami metro area is the largest buyer’s market, attracting 47% of Florida’s foreign buyers between August 2022 and July 2023.

In 2023, purchases were led by the local and national market, especially from the north and east of the country, however, looking back over these five months of 2024, Latin Americans have returned and with the same pre-pandemic strength to invest millions of dollars in properties in Florida.

For example, in Downtown Miami, properties such as Gale Miami Hotel & Residences, obtained 30% of sales from Colombia, 30% from Mexico, 15% from Honduras, 10% from Brazil and 5% from Ecuador, while The Elser Hotel and Residences, approximately 70% of its buyers are from Latin America, specifically Colombia and Mexico.

The same has happened with new-build residences such as JEM Private Residences who, since the announcement that construction began last April, sales numbers have risen exponentially: 39% from Mexico (Monterrey, Puebla, Guadalajara), 22% from Colombia (Bogotá, Medellín), and 11% from Brazil.

For its part, the island community of North Bay Village, located about 30 minutes from Downtown, has received 20% from Mexican buyers and 15% from Colombia, while Brazilians have decided to bet 40% on boutique residences such as Origin Residences by Artefacto.

The resurgence of Latino and cash buyers in Miami’s real estate market reflects a broader trend of international investors seeking safe havens for their assets amid global uncertainty.

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