The Real Deal Miami

Colombia still most interested country looking for Miami real estate: report

Country accounted for 10 percent of all foreign purchases in Miami last year
December 02, 2016 10:30AM

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 was still the top-dog for interest in Miami real estate during September, according to a new report, again beating out Latin America’s runner-up Brazil.

The Miami Association of Realtors just released their monthly ranking of foreign countries that most use its property portal to search for Miami real estate.

In September, for the 10th month in a row, Colombians were shopping for more houses here than those from any other foreign country.

Canada, which has traditionally come in at a lower ranking, reached the No. 2 spot for interest in September, blazing past the once-dominant Brazil, which lost its top spot earlier this year.

According to the association, Colombians aren’t just window shoppers: they purchased the third-most amount of Miami real estate last year among foreign buyers, accounting for roughly 10 percent of all international transactions. Considering that the total tally of foreign home purchases reached $6.1 billion during 2015, Colombia’s contribution is anything but small potatoes.

Venezuelans came in first with 13 percent, though they ranked fourth for interest in the September ranking. Brazilians took the No. 2 spot with a 12 percent share of foreign purchases.

Though Latin American countries are still showing strong interest in real estate here, their purchasing power has weakened over the past year as the U.S. dollar strengthens. That loss of value, along with economic and political turmoil in their home countries, has led to many foreign buyers holding off on closing deals in Miami. — Sean Stewart-Muniz

Here’s the full ranking for September:

1. Colombia
2. Canada
3. Brazil
4. Venezuela
5. Argentina
6. India
7. Spain
8. Philippines
9. United Kingdom
10. France