Miami’s pipeline of new condos and luxury towers is being snapped up by overseas buyers at a pace not seen before.
A new analysis from the Miami Association of Realtors finds that international purchasers now account for 52% of all new-construction sales across South Florida over the past 22 months — a shift that confirms what developers have been seeing on the ground for months.
The sharpest demand is coming from Latin America, which now represents 86% of foreign transactions.
A fresh analysis from the Miami Association of Realtors shows foreign buyers now make up more than half (52%) of all new-construction sales in South Florida over the last two years, with closings coming from 73 countries. Earth Pixel LLC. – stock.adobe.com
Colombia, Mexico and Argentina lead the pack, a trend brokers say reflects both political uncertainty abroad and the continued draw of Miami as a safe place to park capital.
The report lands as Miami climbs global wealth rankings.
The city now ranks No. 4 worldwide for ultra-rich residents and No. 1 for second-home ownership among the world’s wealthiest — a sign that Miami has moved firmly into the top tier of global playgrounds for high-net-worth households.
And it’s not just a trickle from abroad — Latin America alone accounts for 86% of international purchases, led by Colombia, Mexico and Argentina. Michele – stock.adobe.com
Miami’s global rise is showing up elsewhere, too: the city is now No. 4 worldwide for ultra-wealthy residents and No. 1 on the planet for second-home ownership among ultra-high-net-worth buyers. Sami Kirberg – stock.adobe.com
Despite higher borrowing costs and rising insurance premiums, Miami still offers buyers more space for the money than many rival markets.
A $1 million budget buys almost four times as much prime real estate as Monaco, and considerably more than in New York or London, giving Miami a clear value edge even at today’s prices.
Even with high rates and insurance costs, Miami still delivers unmatched value — $1 million buys nearly four times more prime space than Monaco, and more than New York or London. Fotoluminate LLC – stock.adobe.com
The kicker: most foreign buyers are paying cash, making them one of the most stable forces in the market right now. Felix Mizioznikov – stock.adobe.com
And cash remains king. Most international buyers are closing without financing, a factor that continues to stabilize the market and keep new-development deals moving even as interest rates fluctuate.