Florida Realtors published its 2024 Annual Real Estate Market Report, revealing that Argentinian buyers have increased their interest in properties in Miami and South Florida.
While Colombia remains the leading country in property searches in Miami for 32 consecutive months, Argentina has climbed to second place, representing 10% of international buyer activity.
The list continues with Brazil at 6%, Venezuela at 4%, Peru at 3%, and Mexico at 2%, “reflecting a continued demand for properties from Latin American buyers in Miami,” according to a statement accessed by Funds Society.
Among international buyers, approximately 33,900 homes were purchased, accounting for 8% of existing home sales in Florida, with 64% of those purchases paid in cash.
The top buyers by value were from Canada, Brazil, Venezuela, Argentina, and Colombia, reaching a total of $15.6 billion in purchases, representing 11% of the total volume of existing home sales in Florida.
Regarding property types, 35% of acquisitions were for condos or units in buildings, and 66% of international buyers purchased properties for vacation, residential rental, or both purposes.
In terms of regions, Miami-Fort Lauderdale and West Palm Beach dominate, accounting for nearly half (47.3%) of international buyers. They are followed by Tampa-St. Petersburg-Clearwater (11%), Orlando-Kissimmee-Sanford (9.7%), North Port-Sarasota-Bradenton (6.9%), and Cape Coral-Fort Myers (4.7%).
For more information on the report, you can access the following link.
