Even with International travel bans, South Florida home sales to international buyers remain strong. This little pocket of paradise known as South Florida has outperformed the rest of Florida and the Nation in international home sales for 2021.
Foreign buyers purchased $5.1 Billion of residential real estate in south Florida during 2021, only down 9% from 2020 ($5.6 Billion). Statewide Florida saw a 22% volume decline, $12.3 Billion in international sales in 2021, compared to $15.1 Billion in 2020. Nationwide saw an even larger decline in volume of 27% ($54.4 Billion in 2021, and $74 Billion in 2020).
“For South Florida international home buying to remain essentially on par with the previous year despite the lockdowns and bans on international travel speaks to the incredible resilience and the allure of our market.” MIAMI Chairman of the Board, Jennifer Wollmann said. “We expect a significant increase in foreign visitors once the U.S. opens its borders to international travelers on November 8. Global buyers purchase in Miami because it is a world-class global city with better real estate prices than other similar global cities. Foreign buyers feel at home with our diversity and acceptance of all cultures.”
Florida has been the No. 1 state for foreign home buyers for the last 13 years.
According to the Florida Realtors 2021 Profile of International Residential Real Estate Activity in Florida, over half (52%) of all international home sales in Florida are in the South Florida Tricounty area (Miami-Dade, Broward, and Palm Beach Counties). Orlando Finished in second with 10%, and Tampa third at 8%. One in five homes sales happen in Florida, and one in two in Florida are in the Miami Metro Market area.
Top Countries in South Florida
The top countries for buyers purchasing residential properties in South Florida are:
1. Argentina (13% of South Florida foreign purchases)
2. Colombia (12%)
3. Venezuela (10%)
4. Mexico (7%)
5. Chile and Brazil (6% each)
6. Peru and Canada (5% each)
7. Ecuador (4%)
8. Spain and France (3%)
Top Countries in Miami-Dade
The top countries for buyers purchasing residential properties in Miami-Dade County are:
1. Colombia (15%)
2. Argentina (14%)
3. Venezuela (10%)
4. Mexico (8%)
5. Brazil and Peru (7% each)
6. Chile and Canada (4% each)
Other countries purchasing in Miami include: Ecuador, Spain, France, Bahamas, Dominican Republic, Honduras, Costa Rica, Barbados, Bolivia, Paraguay, Egypt, Israel, Iraq, Iran, Turkey, Greece, Italy, Switzerland, Spain, Portugal, United Kingdom, Sweden, Russia, China, India, South Korea, Malaysia, Vietnam, Indonesia, Japan, Cuba, Haiti, South Africa, Singapore, Jamaica, Czech Republic, and more.
Top Countries in Broward
The top countries for buyers purchasing residential properties in Broward County are:
1. Argentina (17%)
2. Colombia (15%)
3. Peru (8%)
4. Canada, Venezuela and Chile (7% each)
5. Brazil, Dominican Republic, Haiti, Mexico and Spain (3% each)
Other countries that purchased properties in Broward included: Bolivia, Ecuador, Bahamas, China, Czech Republic, India, Iran, Italy, Jamaica, Singapore, South Africa, United Kingdom and Uruguay.
Top Countries in Palm Beach
The top countries for buyers purchasing residential properties in Palm Beach County are:
1. Argentina, Brazil, Canada and Colombia (18% each)
2. Chile, Peru and Ukraine (9% each)