In 2023, Miami reaffirmed its position as first estate market in America, attracting the attention of foreign buyers in particular. Of all international home sales in the United States, one in five took place in Florida, half of them being concentrated on the metropolitan market of Miami. A report of Miami Realtors points out that homes worth $5.1 billion were sold to out-of-state buyers in South Florida in 2023.
The entire state of Florida recorded $12.6 billion in real estate transactions with foreign buyers, according to a report from Florida Realtors. Miami, which is the focal point, has seen renewed interest from buyers, leading to an increase in real estate prices. Notably, 73 % of foreign buyers had visited Florida two times or less before making a purchase. According to the Miami Realtors report, 6 % of them had never visited the state.
While in previous years Russia and South American countries had attracted attention, other parts of the world have turned their attention to Florida over the past year. Although Germany isn't leading in terms of number of purchases, buyers there have shown new interest in the Sunshine State. In particular, Germany recorded the highest number of web searches for real estate of South Florida in September and October.
Let’s await and discover what 2024 has in store for us.
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