Miami International Home Sales Totaled $6.9 Billion in 2019.

 

Worsening global economic outlook, political instability cut down foreign buyer activity in 2019

According to the latest Profile of International Home Buyers of the Miami Association of Realtors (MIAMI) conducted by MIAMI and the National Association of Realtors, a strong U.S. dollar and a worsening global economic outlook outside of the U.S. slowed South Florida international home sales in 2019, but domestic buyers stepped in as total Miami residential sales and prices increased year-over-year. Despite the downturn, foreign buying activity remained significant, particularly when compared to the rest of Florida and the rest of the country. qatar property finder

Foreign homebuyers purchased $6.9 billion of South Florida residential properties in 2019, down 21 percent from $8.7 billion in 2018. Because the Miami Mega Region is the No. 1 U.S. destination for worldwide consumers and home to diversified overseas purchasers, the Miami worldwide market did not fall as much as the state and nation. Statewide, international homebuyer dollar volume fell 30 percent ($22.9 billion to $16 billion). Nationally, global homebuyer dollar volume decreased 36 percent (from $121 billion to $77.9 billion).

The profile examined MIAMI members' foreign residential transactions from August 2018 to July 2019. The association's efforts to cope with the COVID-19 problem and stay-at-home orders delayed the study's release.

"Domestic homebuyers, notably from tax-burdened Northern states, stepped in last year to protect the Miami market from any reduction in house purchases by overseas buyers," MIAMI Chairman of the Board Jorge L. Guerra Jr. remarked. "South Florida's foreign homebuyer market share remains more than double the state number and eight times larger than the U.S., confirming once again that Miami is the No. 1 global destination for foreign homebuyers."

South Florida Registers More than Half of all Florida International Home Sales

Florida is the #1 U.S. destination for international purchasers (20 percent of all sales), according to NAR's 2019 Profile of International transactions in U.S. Residential Real Estate. Florida has been the No. 1 state for foreign house purchasers for the last 11 years.

More than half of all international home sales in Florida (53 percent ) occurred in Miami-Fort Lauderdale-West Palm Beach, according to the Florida Realtors 2019 Profile of International Residential Real Estate Activity in Florida. Orlando finished No. 2 with 11 percent , while Tampa is No. 3 with 7 percent . One in five of all U.S. overseas home sales occurred in Florida.

South Florida is the #1 destination for Argentinian, Brazilian, Canadian, Colombian and Venezuelan buying in Florida, according to the Florida Realtors research.

South Florida secures around 10 percent of all U.S. overseas home sales.

 

South Florida Foreign Homebuyer Market Share is Eight Times Larger than the U.S. Figure

South Florida international purchasers purchases amounted for 38 percent of total dollar volume and 26 percent of all South Florida residential properties sold in 2019, according to the MIAMI and NAR study. No other market in the U.S. has those figures.

At 26 percent , South Florida's foreign homebuyer market share is more than double the state level and eight times larger than the nation. Statewide, the global homebuyer market share of all closed sales is 12 percent . Nationally, the global homebuyer market share is 3 percent .

Miami-Dade County Has the Largest Share of South Florida Foreign Buyers Miami-Dade County accounted for the biggest share of South Florida's foreign buyers (77 percent in 2019; 65 percent in 2018). Broward County had a dip in international purchasers (19.2 percent in 2019; 31.2 percent in 2018). Palm Beach County had 1.8 percent , down from 3.9 percent in 2018.

The foreign buyer market share in each county in 2019 are: Miami-Dade County (33 percent ), Broward County (16 percent ) and Palm Beach County (12 percent ).

Venezuela and Argentina: The Top Foreign Countries Buying South Florida Real Estate

Venezuela and Argentina are the leading foreign countries acquiring South Florida real estate. The 12 top countries of origin for customers purchasing houses in South Florida are:

1. Venezuela and Argentina (11 percent of South Florida foreign purchases each)

2. Colombia (10 percent )

3. Brazil (8 percent ))

4. Canada and Mexico (6 percent each)

5. Spain, Peru and France (4 percent each)

6. Chile, Dominican Republic and Ecuador (3 percent each)

These top tier countries of origin — Venezuela, Argentina, Colombia, Brazil, Canada, Mexico, Spain, Peru, France, Chile, Dominican Republic, Ecuador— account for 73 percent of total South Florida international closed sales.

South Florida is home to 22 top-tier worldwide property buying countries, an increase from 21 last year (as Australia joined the list in 2019).

The South Florida market top tier of countries continues: Italy, United Kingdom, Russia, China, Germany, Honduras, Nicaragua, Australia, India and Costa Rica.

South Florida's international buyers came from more than 50 countries: Bahamas, Panama, Bolivia, Guatemala, Uruguay, Haiti, El Salvador, Jamaica, Barbados, Trinidad and Tobago, Japan, South Korea, Portugal, Sweden, Switzerland, Ukraine, Greece, Austria, Nigeria, Turkey, South Africa, Israel and Egypt.