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Foreign investment floods into Miami real estate after pandemic dip – Axios

Data: Miami Association of Realtors; Table: Axios Visuals
Data: Miami Association of Realtors; Table: Axios Visuals

International investment in Miami’s real estate market has spiked over the last year after dipping during the pandemic.

Driving the news: Foreign buyers picked up $6.8 billion of South Florida residential real estate between August 2021 and July 2022, according to a new report from the Miami Association of Realtors.

  • That’s a 34% increase from the sales volume the year prior.

Why it matters: Miami’s real estate market has long been a haven for foreign buyers, differentiating us from the rest of the country.

The big picture: Sales to foreign buyers are on the rise nationwide. The dollar volume of foreign buyer purchases increased 8.5% nationally between August 2021 and July 2022, per the report.

By the numbers: Foreign buyers made up 17% of home sales in Miami over this period, and the median price of homes they bought was $500,000. The majority, 66%, made all-cash purchases.

  • Of those buying, nearly 40% said they would use the property as a residential rental, while around 20% would make it their primary residence.
  • Buyers came from 54 countries, with Argentina leading the way (16%), followed by Colombia (13%) and Canada (8%).

What they’re saying: “Colombia and Argentina, like other Latin American countries, look to the U.S. for financial stability,” Ines Hegedus-Garcia, the association’s board chairperson, told Axios.

  • “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,” she added.

What we’re watching: The association tracks global web searches for Miami real estate and found people from Colombia searched the most last month.

  • Brazil quickly rose the ranks in December, going from 12th in November to 7th in web searches, a jump the Realtors’ group attributed to political turmoil and a recent shift in government.

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