The Real Deal Miami

Real estate interest from Colombia stays strong in April: report

Israel quickly rose through rankings, past some South American countries

June 17, 2016 05:15PM

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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

Colombia kept its place as the No. 1 country for interest in Miami real estate during April, according to a newly released report.

The ranking comes from the Miami Association of Realtors, which every month released a list of countries who search the most for Miami properties using the association’s website portal.

For April, more property searches came from Colombia than any other foreign nation.

According to the association, Colombians purchasing homes in Miami are typically upper-middle-class families who paid an average of $516,000 per deal during 2015.

Close behind in the No. 2 spot was Venezuela, a perennial player in the South Florida real estate market. Venezuelans purchased the largest share of South Florida homes last year, representing 13 percent of all transactions to foreign buyers.

Brazil, once the champion of Latin American interest in Miami, held its No. 5 spot for the second month in a row.

In March, the association hinted at rising interest from the United Kingdom, with the nation across the Atlantic usurping even Argentina for the No. 3 spot. For April, however, they’ve completely disappeared from the top 10, vacating their space for a new player — Israel.

A fresh outpouring of interest in Miami real estate from Israelis placed the country in the association’s No. 4 spot.

Though not on the residential side of things, The Real Deal has reported on a handful of major real estate undertakings from Israeli developers in recent months, including a team building condos in the hip Flagler Village neighborhood of Fort Lauderdale, as well as a publicly-traded Israeli company buying a large chunk of Miami’s Arts & Entertainment district for $33 million.

Check out the full list below:

1. Colombia
2. Venezuela
3. Argentina
4. Israel
5. Brazil
6. India
7. Canada
8. Philippines
9. Spain
10. Peru