Property in south Florida continues to be popular with buyers from South America topping the list for people from overseas searching for real estate, the latest research shows.
Colombia has been the top country of origin for five months in a row and four out of the top five countries are in South America, according to the data from the Miami Association of Realtors.
In second place is Venezuela, then Argentina with Israel in fourth place and Brazil in fifth.
Georgia registered the most searches of Miami real estate among American states.
‘South Florida is known around the world for embracing all cultures. Foreign born residents love Miami. Their passion is visible in our monthly property searches and in Realtor.com global searches, which continue to show South Florida as the most searched US market by international consumers,’ said Mark Sadek, chairman of the association.
Colombian home buyers tied with Argentinians in purchasing the third-most Miami real estate among foreign countries and 10% of all foreign South Florida transactions. Only Venezuela with 13% and Brazil with 12% bought more.
Colombians moving to South Florida are often upper middle class families who want to enjoy their prosperity earned in their homeland as professionals and entrepreneurs. Colombians spend the second most on South Florida property among foreign buyers. The $516,000 average purchase price of Colombians tied with Argentina and only trailed Brazil at $766,000.
Israel posted the fourth most searches of South Florida real estate in April. It was the country’s highest finish since it took fourth in September 2015. India was sixth for the second consecutive month, while in seventh place was Canada, then the Philippines, Spain and Peru.
Georgia, which had been climbing the ranks in recent months and finished second in March, moved ahead of New York for the most South Florida web searches in April 2016. In third place was Texas, followed by California, Tennessee, Illinois, Ohio, Indiana, North Caroline and Michigan.
The top market for overall international real estate demand: was Miami-Fort Lauderdale-West Palm Beach in Florida, followed by Los Angeles-Long Beach-Anaheim in California, then Bellingham in Washington State.
South Florida ranked as a top-five market for consumers in eight of the world’s 10 largest regions in April 2016. South Florida finished as the most searched market in four of the regions.
