Nearly $7.5 billion was invested in U.S. real estate properties with more than $1 million by foreign buyers in the 12 months ending March 2017, according to a new report from Beauchamp Estates in conjunction with Leslie J Garfield & Co. That’s a significant increase of 62 percent from the previous year, according to the report, U.S. Ultra Prime Real Estate, which used data from WealthX and the National Association of Realtors. 

Along with Manhattan and Los Angeles, Miami is a huge draw for foreign investors, who account for 80 percent of the city’s international buyers and occupiers.

Twenty-six percent of the investors who buy properties in the United States do so in Miami, far more than the 9 percent in Los Angeles and 3 percent in Manhattan. 

“Miami is a leading hub for overseas buyers investing in U.S. luxury real estate,” said Gary Hersham, managing director of Beauchamp Estates. “Alongside the beach, restaurants/bars, leisure facilities and all year good weather, the city has become a leading financial and tech business hub. Around 95 percent of ultra-prime real estate in Miami purchased is done via cash transactions.”

Overall, five countries drive the international demand in U.S. real estate, according to the report: Canada, the United Kingdom, China, Mexico and India. In Miami, the market gets more interest from South America, namely Colombia, Brazil and Argentina, as well as the U.K. and Philippines.