The Real Deal Miami

Colombia beats out Brazil for interest in Miami

Colombians pay $420,000 per property on average in Miami

September 16, 2015 03:00PM
By Sean Stewart-Muniz

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Miami's skyline (Credit: Gabriel Kaplan) and the Colombian flag (Credit: creative commons user ferchos04 II

Miami’s skyline (Credit: Gabriel Kaplan) and the Colombian flag (Credit: Creative Commons user ferchos04 II)

For the first time in more than a year, Brazil has been dethroned as the country most frequently searching for properties in Miami.

The ranking comes from the Miami Association of Realtors, which produces a list every month of the top 10 foreign countries using its website to look for local real estate.

During July, Colombia racked up more searches for Miami properties than any other country in the world. The country has lagged behind in the No. 2. spot for the past few months, while its neighbor Brazil spent the last 13 months as the top country interested in Miami.

Chris Zoller

Chris Zoller, the Miami Association of Realtor’s 2015 residential president of Miami

“Colombian home buyers have a long history of purchasing South Florida real estate, so the fact Colombia has overtaken Brazil for the most web property searches is not a surprise,” Christopher Zoller, the association’s 2015 residential president of Miami, wrote in a release. “Colombians are so comfortable here in Miami. Our tremendous diversity, world-class shopping, and global business center not only attract Colombian buyers, but all consumers – international and domestic.”

Typically, Colombians moving to Miami are upper-middle-class families that pay an average of $420,000 per property — the third highest price paid by foreigners in all South Florida. Last year, residents of the country accounted for 8 percent of all property transactions in the tri-county region, according to the Miami Association of Realtors.

Other countries growing hungry for Miami real estate include Venezuala and France, which have risen to the third and fourth spots, respectively. Though no longer the king of property searches, Brazil ranked second.

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