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

Country accounted for 10 percent of all foreign purchases in Miami last year

TRD MIAMI /
Dec.December 02, 2016 10:30 AM
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


Related Articles

arrow_forward_ios
Wealthy families look to smaller cities for bigger returns on real estate investments

Wealthy families look to smaller cities for bigger returns on real estate investments

(Credit: iStock)

Foreigners emerge as the new heavyweights in China’s commercial property market

(Credit: iStock)

Miami Association of Realtors agrees to collaborate with 15 counterparts in Mexico

Here are the foreign investors most interested in South Florida real estate

Here are the foreign investors most interested in South Florida real estate

Foreign buyers acquiring most of the units at Fort Lauderdale firm’s Orlando resort

Foreign buyers acquiring most of the units at Fort Lauderdale firm’s Orlando resort

CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 90

Canadian buyers loom larger in South Florida’s residential market

National Cheat Sheet: Fed leaves rates unchanged, foreign buyers spent $7.5B on US luxury homes in 2017 … & more

National Cheat Sheet: Fed leaves rates unchanged, foreign buyers spent $7.5B on US luxury homes in 2017 … & more

Have a foreign buyer client who needs a mortgage? Here’s what they should know

Have a foreign buyer client who needs a mortgage? Here’s what they should know

arrow_forward_ios