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Miami consolidates its position as a favorite destination for housing investments by Latin Americans

May 17, 2024 | Colombia

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Miami is consolidating its position as the preferred real estate market for Colombians, Mexicans and Brazilians to invest in vacation properties.
Investments in foreign destinations have become one of the best ideas for many Colombians and Latin Americans who have the opportunity, because in addition to spending a vacation in the United States, they have chosen to invest in real estate, especially in vacation homes or apartments.

The state of Florida ranks as the top destination for foreign buyers in the United States, accounting for 23% of these buyers’ transactions, and Miami continues to be the preferred market for Colombians, Brazilians and Mexicans, according to a report by the Miami Association of Realtors.

The properties that have been enabled are quite a few, among different measurements, locations, values, and more. Downtown Miami, an example of these investments, has seen 30% of sales come from Colombia, 30% from Mexico, 15% from Honduras, 10% from Brazil and 5% from Ecuador.

On the other hand, The Elser Hotel and Residences approximately 70% of its buyers are from Latin America, specifically Colombia and Mexico, the same has happened with new construction residences such as JEM Private Residences, sales numbers have risen to 39% from Mexico (Monterrey, Puebla, Guadalajara) 22% from Colombia (Bogota, Medellin) who focus on small units, and 11% of Brazilians who are looking for slightly larger units as second homes for vacations.

With these figures that have been collected, the resurgence of Latino buyers is evidenced and Miami’s real estate market reflects a broader trend of international investors seeking safe havens for their assets amid global uncertainty.

Colombians, Mexicans and Brazilians follow the lead of Latin American buyers, as they are currently the most active foreign buyers in searching for properties in South Florida, according to the Miami Association of Realtors.

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