Foreign buyers in Greater Miami spent $6.2 billion in real estate transactions last year, a slight increase from the year prior, according to the newly released 2016 Profile of International Homebuyers of Miami Association of Realtors Members.
Produced jointly by MIAMI and the National Association of Realtors, the report spans Aug. 2015 to July 2016, and comes at a time when international real estate sales are falling nationwide and experts are warning that foreign purchase in South Florida are shifting from residential to commercial. The report’s findings reaffirm the international appeal of Miami’s home market.
Here are a few of those findings:
Venezuelans purchased the most
Keeping in line with 2015, Venezuelan buyers were the most active in Greater Miami last year, accounting for 15 percent of all international purchases (4 percent more than any other country), up from 13 percent. Venezuela’s three consecutive years of recession (2016 being the most severe) is likely the single biggest factor drawing their money to Miami. Argentinians moved up a spot to No. 2, increasing their share of sales year over year from 10 to 11 percent, while the share of Brazilian buyers was reduced 2 percent to 10 percent (likely a result of the country’s economic turmoil).
|Country||2016 Share||2015 Share|
Venezuelans also spend the most
Collectively, Venezuelans also spent the most – $868 million in total sales volume. That was not surprising. What is surprising was how much more Brazilians spent than Argentinians, despite accounting for a smaller share of total sales. Brazilian buyers eclipsed Argentinians in overall spending by more than $400 million. Together, Venezuelans and Brazilians accounted for more in total sales volume than all other international buyers combined.
|Country||2016 Dollar Volume (in millions)||2015 Dollar Volume (in millions)|
Brazilians go big
The average foreign buyer in Greater Miami spent $570,000 per purchase – much higher than the average buyer overall, who spent about $353,000. The average Brazilian buyer, who was the No. 1 spender across all international buyers, spent $775,000. Canadians, who were the second biggest spenders, trailed the Brazilians in individual spending by more than $100,000, even after raising their purchase price average by $130,000 from the year prior; Venezuelans trailed by more than $200,000, and Argentinians trailed by $369,000.
|Country||2016 Avg. Purchase Price||2015 Avg. Purchase Price|