Colombian Buyers Come out on Top
Latin American buyers remain among the top groups seeking to buy property in the Magic City like Miami waterfront homes. Brazilians in particular have remained the top buyers in Latin America for the last thirteen months, but they have since been dethroned by buyers from Colombia, according to the Miami Association of Realtors website. In fact, it’s the first time since May 2014 that Colombia has topped the list of searches.
Miami has a large population of Colombians, and the city remains very popular thanks to its vast diversity, the shopping and a business center that has a strong global reach. Interestingly, Colombian buyers are responsible for being fourth in overall purchases of South Florida real estate among all foreign buyers according to a 2014-15 survey conducted by the National Association of Realtors for the Miami Association of Realtors.
Eight percent of all foreign real estate deals in South Florida were from Colombia, a nation that’s home to over 45 million residents. A large portion of these buyers are upper middle class citizens seeking to expand their careers as entrepreneurs and professionals after cultivating significant prosperity in their homeland. Colombians spend about $420,000 on South Florida property among foreigners, the third largest total and significantly larger than the $245,000 average sale price for Florida buyers.
This update is brought to you by Calibre International Realty. We sell Miami homes as well as Miami Beach luxury condos. Call Julian Johnston at 786-408-0314 for any questions you may have about Miami real estate or investment opportunities.