F
oreign homebuyers are increasingly drawn to Miami, despite concerns about the US economy and a market correction in Florida. According to a recent report by Miami Realtors, nearly half (49%) of new construction buyers in the Miami metropolitan area over 18 months came from outside the US, with 86% hailing from Latin American countries.

    The demand from Colombia, Mexico, and Argentina is accelerating, not slowing down, says real estate broker Ryan Serhant. This surge may be linked to global uncertainty, particularly in South America, where high inflation and political turmoil are prevalent. To mitigate these risks, some Latin Americans may be seeking to preserve their wealth in USD through US real estate.

    A combination of convenience and financial incentives is driving international buyers toward new builds in Miami. New developments often offer luxurious amenities, such as pools and gyms, and typically have fewer maintenance issues than older inventory. This is particularly appealing given the current challenges facing the Florida condo market, including a sudden rise in condo inventory and higher fees for condo associations.

    Some builders are offering discounts to international buyers who invest in condo projects before they're completed, making new builds an attractive option. The Trump administration's policies, such as tax incentives and visa programs, are also making investing in US real estate more appealing to international buyers.

    Miami's unique cultural ties to Latin America make it a magnet for foreign investors. With its largest proportion of Hispanic and Latin American residents in the US, the city offers a sense of familiarity and trust among buyers from these countries. The city's desirable location, no state income tax, and growing business sector also contribute to its appeal.

    International buyers, particularly those from Latin America, believe in the stability of the US economy and housing market over long-term horizons. They see the USD as a stable currency and U.S. real estate as an appreciating asset that preserves foreign-earned money.