Colombia is still the foreign country most interested in Miami real estate, according to a newly released report, but demand from another nation across the Atlantic is quickly brewing: the United Kingdom.
The ranking comes from the Miami Association of Realtors, which tracks web traffic going through its property search portal online.
For March, the report shows more web searches for Miami real estate came from Colombia than any other country. Behind Colombia was Venezuela, a perennial player in terms of interest – buyers from the two neighbors routinely show strong interest in the Miami area.
Colombians also spend the second-most on Miami real estate, tied with Argentina and beat out only by Brazil. The average home purchase by a Colombian last year was $516,000, while Brazilians spent an average of $766,000.
Brazil, however, has yet again been knocked down a peg. The country fell to the No. 5 spot for interest in March, surpassed by the United Kingdom, which rose to the No. 3 spot.
This is the first time the U.K. has made it into the association’s top 3 countries for interest in Miami real estate. The nation boasted a relatively small share of foreign home transactions in Miami last year, making up only 2 percent of all home sales to foreign buyers.
One explanation for the U.K.’s burgeoning interest is comparing how far a dollar goes in each nation. According to the most recent Knight Frank Wealth Report, $1 million will buy you a mere 215 square feet of living space in London, while that money will net you 828 square feet in Miami. — Sean Stewart-Muniz
Check out the full list below:
3. United Kingdom
10. Dominican Republic