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Foreign investment floods Miami real estate.
Axios published an article using data Miami Realtors Association report called 2022 Profile of International Home Buyer Transactions.
Axios interviewed Ines Hegedus-Garcia, Miami Realtors Association chairperson. She stated that “Colombia and Argentina, like other Latin American countries, look to the U.S. for financial stability.” Hegedus-Garcia added that “Miami continues to be the global conduit because of our diversity, and although many complain about so-called ‘unrest,’ our political environment continues to be more stable than many.”
The reflection comes from Brazil and Colombia’s new socialist governments. These shifts mark a change, and in the particular case of Brazil, it has implications for the global role of Latin America’s largest country, economy, and diplomatic power.
All things considered, here are the main takeaways from the article:
- Foreign buyers purchased $6.8 billion of residential real estate in South Florida between August 2021 and July 2022.
- 34% of foreign investment increased from the previous year.
- Miami’s real estate market has always attracted foreign buyers, certainly arising from previous crises.
- Another key point is that the dollar volume of foreign buyer purchases increased by 8.5% between August 2021 and July 2022.
- Foreign buyers made up 17% of home sales in Miami during the reported period, with the median price of homes they bought at $500,000.
- The majority of buyers (66%) paid in all cash.
- In all, buyers came from 54 countries. Argentina, Colombia, and Canada are the top three countries of origin.
- Lastly, nearly 40% of buyers planned to use the property as a residential rental, while around 20% would make it their primary residence.
Undoubtedly, Foreign investment floods Miami real estate and it is validated by the Miami Realtors Association report; moreover, not only foreign investors are flooding into Miami’s real estate, but also national investors. Some predict this investment and people moving to Florida frenzy will stop; thus far, it seems the trend will continue. Miamians are ecstatic about it.
We will keep a close eye on the subject. Stay tuned.
