Figures from both national and local Realtor associations paint a very clear picture: Miami is a popular destination.
The important role the Internet plays in today’s homebuying process is a worn out observation, but that doesn’t negate its relevance. According to the National Association of Realtors, upwards of 90 percent of U.S. homebuyers will at some point in the process take their search online. And while that figure is specific to domestic consumers, the Internet’s importance extends well beyond our national borders.
In January, the Miami Association of Realtors registered 192,987 visits to its website, Miamire.com – a 48.8 percent increase compared to the same time last year – with searches originating from across the globe, particularly in Brazil, which topped the list of visiting countries (along with Colombia, Russia, Venezuela, Canada, Argentina, India, United Kingdom Italy and France, in that order).
Brazil’s association with South Florida was well documented in 2014, including our own report, which saw Brazilians quickly ascending to Miami’s most significant international buyer demographic. The city’s emphasis on accommodating foreign businesses and new residence, including a large push to streamline the issuing of EB5 visas (which are reserved for $1 million-plus foreign inventors), are helping it become the nation’s go-to hub for expatriates.
Domestic Appeal
Cataloging Miami as a hot destination is not only the product of the city’s international influx, but also a response to its well-documented domestic appeal.
According to January figures, the top five states using Miamire.com were:
- California
- Texas
- New York
- Georgia
- Illinois
While these are only one month’s results, consistency with last January’s findings – which were identical apart from Georgia beating out New York – confirms persisting demand among domestic buyers. It is especially telling that California and New York are pulling away buyers from the state’s respective metros, as Miami is often referred to as an up and coming substitute for those markets.
It’s a Small World
When it comes to international demand for U.S. real estate, hardly any market is more widely researched than South Florida, and Miami in particular.
“The Miami real estate market continues to attract buyers and investors from around the world,” said Christopher Zoller, 2015 residential president for MIAMI.
Examining visitor rates from realtor.com, researchers determined which markets buyers from top countries were researching. Among the top 20 countries visiting the website, 13 listed Miami as a top prospect market, including:
- Canada (ranked the No. 1 most engaged country)
- Germany (No. 5)
- Mexico (No. 6)
- Brazil (No. 7)
- France (No. 8)
- Italy (No. 10)
- Netherlands (No. 11)
- Spain (No. 13)
- Sweden (No. 15)
- Russia (No. 17)
- South Africa (18)
- Switzerland (No. 19)
- Turkey (No. 20)
Zoller explains Miami’s appeal as a matter of savvy buyers doing their due diligence to understand all that the city has to offer, which, as he says, is a lot.
“Miami remains affordable compared to other world-class, global cities, and offers many benefits and amenities, including a strategic location, moderate year-round weather, multicultural environment and an exciting lifestyle,” he said.
Using January data, NAR followed up its report with rankings of the “overall most searched U.S. cities by non-U.S. consumers.” Miami ranked third behind Los Angeles and New York.
There is a big market for international buyers in Miami, and that appeal is only expected to grow. Should professionals prepare themselves adequately, they’re slated to take on significant amounts of new business in the future.