MIAMI — China posted the most global web searches for Miami homes in April 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia, which finished first in March, has now finished No. 1 or No. 2 among the top list of foreign countries searching Miami real estate in each of the last 14 months.
“Miami, a young major city in comparison to New York and Los Angeles, is building its link to Asia,” MIAMI Chairman of the Board Ines Hegedus-Garcia said. “Chinese buyers, who rank among the top foreign buyers of U.S. real estate, are searching Miami properties. Now, it’s a matter of turning more of those searches into purchases. The launch of a direct Miami to Asia flight, which the county has been working on for years, would be a boon for both regions.”
China accounted for 9.44% of all international searches on MiamiRealtors.com in April 2023, up from its percentage of searches in April 2022 (5.49%).
Top-10 Countries Searching MiamiRealtors.com in April 2023:
Country Share of International Searches
- China 9.44%
- Colombia 9.42%
- Germany 8.94%
- Venezuela 6.27%
- Argentina 5.83%
- Philippines 3.74%
- New Zealand 3.55%
- Spain 3.52%
- Mexico 3.42%
- Brazil 3.11%
All other countries 42.76%
Top Global Markets for South Florida Real Estate
Argentina purchased the most South Florida real estate among foreign countries in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Argentina buyers purchased 16% of all international purchases in South Florida. Colombia (13%), Peru (8%), Canada (8%) and Venezuela (6% rounded out the top 5, respectively. Access the report: https://bit.ly/MIAMIGlobalStudy
Florida has finished as the top destination for international buyers for 14 consecutive years, according to the National Association of REALTORS® 2022 International Transactions in U.S. Residential Real Estate. Florida is the No. 1 destination for foreign buyers from Colombia, Canada, Brazil and other countries, according to the study.
Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2023 Knight Frank Wealth Report. For $1M, homebuyers can purchase 64 square meters of prime property in Miami. That is almost four times more than Monaco (17 square meters), nearly two times more than New York (33) and London (34) and more than Paris, Sydney, Tokyo and more.
When looking at all price ranges, South Florida is also a bargain in comparison to other global cities and U.S. metros, according to the NAR 2022 International Study. Miami-Fort Lauderdale-West Palm Beach’s price per square meter is $3,170, far below at least 30 global cities and 13+ U.S. Metros including markets such as Hong Kong ($28,570), New York City ($17,191), San Francisco-Oakland-Hayward, CA ($8,250), Madrid, Spain ($6,173), Los Angeles-Long Beach-Glendale, CA ($4,740) and Seattle-Tacoma-Bellevue, WA ($4,460).
Top-10 International Cities Searching MiamiRealtors.com in April 2023
- Berlin, Germany
- Bogotá, Colombia
- Buenos Aires, Argentina
- Medellín, Colombia
- Caracas, Venezuela
- Moscow, Russia
- Mexico City, Mexico
- Sao Paulo, Brazil
- Madrid, Spain
- Toronto, Canada
Texas No. 1 State Searching for Miami Real Estate for Fifth Consecutive Month
Texas registered the most domestic Miami real estate web searches in April 2023.
New York was the top state for out-of-state buyers in the South Florida area, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Access the report: https://bit.ly/MIAMIGlobalStudy
Top-10 U.S. States Searching MiamiRealtors.com in April 2023
- North Carolina
- New York
- North Dakota
Top-10 U.S. Metros Searching MiamiRealtors.com in April 2023
- San Francisco- Oakland- San Jose, CA
- Fargo-Valley City, ND
- New York
- Washington, D.C.
- Chicago, IL
- Columbus, OH
- Dallas-Fort Worth, TX
- Raleigh-Durham (Fayetteville) NC
- Los Angels
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 103 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 246 international organizations worldwide. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is www.MiamiRealtors.com