M
iami's allure as a global real estate hub continues to captivate international buyers, with the city securing 10% of all international home sales in the United States. According to the MIAMI Association of Realtors' 2024 Profile of International Home Buyers, foreign buyer share in South Florida is five times larger than the national average.

    The report reveals that Miami's diverse and welcoming environment has made it a magnet for buyers from around the world. In 2024, foreign homebuyers purchased $3.1 billion worth of residential properties in South Florida, with Colombia emerging as the top foreign country buying real estate in the region.

    Miami-Dade County accounted for the largest share of foreign buyers, with Argentina being the number one country purchasing properties in the county. The median price paid by international buyers in Miami was $498,300, significantly higher than the national average.

    The report also highlights the growing trend of domestic buyers from high-taxed and high-density locations such as New York, California, and New Jersey relocating to Miami. These buyers have contributed to a surge in demand for South Florida real estate, with 66% of international transactions made in all-cash.

    Interestingly, many foreign buyers prefer condominiums (56%) and central/urban areas (64%), which they intend to use as residential rentals or vacation homes. The report also notes that 52% of MIAMI Foreign Buyers visited Florida only two times or less before making a purchase.

    The MIAMI Association of Realtors has been instrumental in promoting South Florida's real estate brand worldwide, with 279 partner organizations globally and a strong commitment to international outreach. As the largest local Realtor association in the US, MIAMI REALTORS represents 60,000 total real estate professionals and continues to solidify its position as a leader in the global real estate market.

    Key statistics from the report include:

    * Foreign buyer share in South Florida: 10%

    * Top foreign country buying real estate in South Florida: Colombia

    * Median price paid by international buyers in Miami: $498,300

    * Percentage of international transactions made in all-cash: 66%

    * Number one state purchasing in South Florida: New York (24%)

    * Percentage of MIAMI members working with an international client: 47%