Foreign Buyers Spent $8.7B in South Florida Housing Purchases

Foreign Buyers Spent $8.7B in South Florida Housing Purchases

April 12, 2019
Photo credit: Getty Images/rustycanuck
Foreign buyers purchased $8.7 billion in South Florida residential properties in 2018, but from $7.1 billion in 2017, according to data from the Miami Association of Realtors and the National Association of Realtors (NAR).
Foreign buyers purchased 14,300 properties in this market last year, down from 15,300 one year earlier. South Florida was responsible for nearly 9.5 percent of all U.S. international home sales last year. Foreign buyers spent a median price of $373,000 for residential properties in 2018, while about five percent of South Florida foreign buyers purchased local homes without even visiting the state.
Within this market, nearly 51 percent of all South Florida international home sales occurred in Miami-Dade County, followed by Broward County (32 percent) and Palm Beach (nine percent). Brazilian buyers were the most prominent, accounting for 12 percent of all foreign purchases, followed by buyers from Colombia and Venezuela (11 percent each), Argentina and Canada (eight percent each), Mexico, France and Italy (four percent each) and the United Kingdom, China, Peru and Ecuador (three percent each).