According to a new report by the MIAMI Association of Realtors, this city remains invariably popular among foreigners looking for new homes.
In December 2022, citizens of Columbia made the most search queries about housing in this metropolitan area (11.81%). They have remained in the first place for nine out of the last ten months of the previous year. Brazil is the fastest-ascending country in this ranking, having leapt from the 12th place in November to the 7th place in December.
Chinese nationals were the second (11.78%), and residents of Venezuela, the third (6.48%).
According to the Association that has calculated the number of property transactions, Florida has been the leading destination for foreign buyers of real estate for 14 consecutive years. At the same time, the south of the state still offers beneficial terms to immigrants compared to other US metropolitan areas. A square meter of housing costs $3,170 in the Miami – Fort Lauderdale – West Palm Beach area, which is considerably lower than in 30 leading cities of the world, such as Hong Kong, Madrid, New York, and San Francisco.
Ines Hegedus-Garcia, Chair of the Board at the MIAMI Association of Realtors, believes that foreign buyers choose South Florida not only because Miami is a gate to the great world and investment in local properties is highly reliable but also because locals welcome representatives of any cultures. In January 2023, Miami was recognized as the Most Diverse City in the World by World Population Review.