Nearly half of South Florida’s newly built homes are being snapped up by international buyers, according to a recently released report by the Miami Association of Realtors.
The study, conducted in collaboration with real estate firms, analyzed more than 9,000 units across nearly 40 new condo developments in the Greater Miami area—including Broward and Palm Beach counties—over an 18-month span. Researchers tracked contracts and deposits on both completed and pre-construction units.
The surge in foreign interest is driven by factors such as political instability abroad, Florida’s lack of state income tax, favorable business conditions, and the region’s year-round warm weather. This comes despite challenges in the local market, including high mortgage rates, increasing home prices, and stricter federal immigration policies.
South Florida mirrors a broader trend across the state: Florida ranks as the top destination for global real estate purchases, per the National Association of Realtors.
“International buyers see South Florida as a safe haven to build wealth, preserve capital, and secure their family’s future,” said Daniel de la Vega, president of One Sotheby’s International Realty. “This is especially true for Latin American buyers, who feel culturally connected to the region.”
According to the Miami Association of Realtors, Latin American buyers account for approximately 86% of international purchases in the new-construction market.
“Latin American culture is deeply woven into the lifestyle here,” said Eddie Blanco, chairman of the Miami Realtors board. “The language, food, music, and community offer a strong sense of familiarity and safety. Even high-profile figures like soccer star Lionel Messi have added to the area’s international appeal.”
Despite speculation that global demand may be declining, local experts strongly disagree.
“Contrary to recent headlines, foreign buyers are not just active — they’re growing in numbers,” said Alicia Cervera Lamadrid, managing partner at Cervera Real Estate. “Miami continues to attract global capital and long-term investment.”
While the U.S. has tightened immigration policies, it hasn’t deterred foreign buyers significantly.
“People want to put their money in stable countries,” said Alejandro Chaberman, CEO of Kadima Developers. “Miami remains very accessible.”
Domestic buyers are also active, particularly in the new condo market. These properties are exempt from state-required safety inspections and reserve studies that apply to older buildings, which can simplify the buying process.
Competition remains high across the board. Miami ranks fourth globally for the number of ultra-wealthy individuals owning homes there and first worldwide as the most popular city for second-home ownership, according to a report by luxury real estate data firm Altrata.
“Miami used to be a vacation town,” Blanco said. “Now it’s a place where people come to live, build wealth, and enjoy a high-quality lifestyle. It’s become a global brand.”
Source: SunSentinel
