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Miami is Florida’s Top Destination for Chinese and Brazilian Buyers

by James McClister

Miami-Realtors-Internaitional-buyers-sales-NAR-Florida

South Florida is a magnet for international buyers. The point was recently emphasized in a survey conducted jointly by the National Association of Realtors and Florida REALTORS, which found that 50 percent of Florida international home sales took place in the Miami/Fort Lauderdale market between June 2014 and June 2015.

“This survey puts into perspective the tremendous appeal South Florida has with international homebuyers,” said John Dohm, the MIAMI chairman of the board.

Above all other Florida markets, Miami/Miami Beach accounted for the most significant share of international buyers at 36 percent. Fort Lauderdale’s share of the international market was 14 percent while all other metros registered in the single digits.

Here is a chart breaking down that market share:

International Homebuyers in South Florida

NAR’s survey also analyzed what markets hold sway with certain international buyers, and the association found that regardless of the buyer’s origins – Brazil, China, Latin America or Western Europe – that Miami was the top destination:

Top Florida Destination for Brazilians:
1. Miami-Miami Beach: 44%
2. Fort Lauderdale: 18%
3. Orlando-Kissimmee: 16%

Top Florida Destination for Chinese Buyers:
1. Miami-Miami Beach: 42%
2. Bradenton-Sarasota-Venice: 27%
3. Orlando-Kissimmee: 9%

Top Florida Destination for Latin American/Caribbean Buyers (Excludes Brazil and Venezuela): 
1. Miami-Miami Beach: 52%
2. Fort Lauderdale: 15%
3. Orlando-Kissimmee: 5%

Top Florida Destination for Venezuelans:
1. Miami-Miami Beach: 41%
2. Fort Lauderdale: 27%
3. Orlando Kissimmee: 5%

Top Florida Destination for Western Europeans:
1. Miami-Miami Beach: 27%
2. Cape Coral-Fort Myers: 13%
3. Fort Lauderdale: 12%

“From Brazil to China to Venezuela to Western Europe and beyond, foreign buyers want to own a piece of Miami and Fort Lauderdale real estate,” Dohm said, adding that South Florida’s sophisticated infrastructure, diversified economy and “world-class arts and entertainment” have transformed the region into a global area.

“International and domestic buyers yearn to own a part of Miami real estate, not only for themselves but for their children,” he said.

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