French, Brazilian and Canadians top overseas buyers of real estate in Miami
For over a year the number of foreign buyers in Miami in Florida has remained high with the region’s property prices attracting buyers from around the world. Now, new figures show that the French are the most numerous foreign buyers of real estate, topping the latest list compiled by the Miami Association of Realtors.
After the French it is Brazilians who are snapping up second homes and investment properties in Miami followed by Canadians, Columbians, Venezuelans, Germans, Italians and Argentineans. Statistics from the association also show that South Florida, the top area in the nation for international real estate buyers, remains the focus of consumers from a diverse group of nations.
In April, France was second only to the US in terms of buyers and the association say this could have been due to Miami’s participation at the Salon National de l’Immobilier, which was held last month in Paris. ‘The association’s participation in international conferences, such as the Salon National de l’Immobilier, has been an excellent way to draw new foreign buyers and investors in the Miami real estate market,’ said Teresa King Kinney, chief executive officer of the association. The Miami Association of Realtors has been presenting at the Salon National de l’Immobilier since 2005.
The top countries for consumers searching South Florida properties on Miamire.com, Miami Association of Realtors Property Search, in April 2013 remained the same as the previous month, with interest growing most among foreign buyers and investors in France, Brazil, and Canada. ‘These results show a strong and growing demand from foreign buyers and investors in Miami real estate,’ said Natascha Tello, chairman of the board of the Miami Association of Realtors. ‘Miami remains a hub of global activity, drawing consumers from various countries. This strength differentiates us from the rest of the US and fuels our vibrant real estate market,’ she added.
Quote from PropertyCommunity.com : “The Miami real estate market, which is increasingly popular with overseas buyers, continued to strengthen in February, as prices again increased despite limited inventory. The latest data from the Miami Association of Realtors shows that condo prices have now increased for 20 months in a row and house
prices for 15 consecutive months.”
The Miami-Fort Lauderdale area is consistently one of the top markets for most of the highest ranking countries searching for property in the US, according to the latest information from Realtor.com and Realtor.com/internationl. Similar to France, the Miami Association of Realtors outreach in Spain has made Miami the top market for Spanish consumers searching US property. The association has exhibited at SIMA, the Madrid Real Estate Expo, for nine consecutive years and is currently in Madrid promoting the Miami real estate market.
Other data shows the sheer reach of interest from abroad in property in the area. According to Realtor.com, the top countries outside the US where global consumers were most engaged were Canada, the UK, Germany, Australia, Japan, Mexico, India, Brazil, China, France, Russia, South Korea, Italy, the Netherlands, Switzerland, Spain, Ireland, Sweden, Belgium and the Philippines.
On a national level, the latest figures from Realtor.com and Realtor.com/International rank Miami second only to Los Angeles among the top ten overall most searched US cities by non US consumers throughout the month of March 2013. Miami moved up from fourth place in earlier rankings while Fort Lauderdale ranks eighth.
Based on the 2012 Miami International Market Report, Miami also attracts a significant number of buyers from a number of South American countries including Venezuela, Colombia, Argentina, Peru, and Ecuador. ‘We continue to see buyers from new markets interested in all that Miami has to offer. It’s clear that investors know that the Miami and South Florida area is a profitable opportunity,’ said Fernando Martinez, Miami Association of Realtors president.