Foreign buyers keep flocking to miami

Foreign buyers continue to flock to Miami's property market, reveal new statistics. Data from the Miami Association of Realtors shows that overseas investors made up over one in three (36 per cent) of sales in 2015. Nationally, they make up just 8 per cent.

Foreign buyers spent a total of $6.1 billion on real estate, according to the MAR's latest figures, which include Miami-Dade, Broward, Palm Beach and Martin counties.

Florida remains the top state for international buyers with 21 percent of all foreign purchases in the US. In Florida, Miami and Fort Lauderdale account for 50 percent of foreign sales.

Can anything deter them?

The US economy in recent months has enjoyed steady growth, with the dollar strengthening, making property more expensive for international buyers. Even in countries such as Brazil, though, where the native currency has weakened, interest in Miami real estate remains high. In fact, Brazil continues to top all foreign countries searching online for South Florida real estate, according to MAR, as the South American nation of 200 million residents finished as the top international country using the association's search portal in November 2015.

"Miami real estate offers security of investment for many international buyers who face economic uncertainty at home," comments Mark Sadek, the 2016 MIAMI Chairman of the Board. "A Gateway to the world with the nation’s highest concentration of foreign-born residents, Miami is also a major center for high-impact commercial development."

Brazil is only beaten by one other nation, when it comes to nationalities of buyers in South Florida: Venuezela leads the Pack, followed by Brazil, Argentina, Colombia and Canada. Together, these five nations account for 62 per cent of total closed sales.

Philippine and Mexican buyers are also showing rising signs of interest, alongside the UK, India and Russia.

Where are they buying? In terms of dollar volume of sales, the majority (78.9 per cent) of international sales take place in Miami-Dade County, followed by Broward (18 per cent), Palm Beach (2.7 per cent) and Martin (.03 per cent).

"MIAMI members have unparalleled access to foreign buyers compared to the rest of the country," adds Sadek. "Miami and South Florida attract foreign buyers unlike any other US market and increasingly from a more diverse group of countries."