Sales to foreign buyers in South Florida were strong in 2021, despite the year’s global COVID-19 travel bans. The Miami mega-region outperformed Florida and the nation in international sales, according to the latest Profile of International Home Buyers by the Miami Association of Realtors (MIAMI).
The profile, conducted by MIAMI and the National Association of Realtors (NAR), surveyed MIAMI members’ international residential transactions from Aug. 2020 to July 2021.
Now, global investment in Miami is set to surge with pent-up demand, a weaker U.S. dollar and vaccinated foreigners who will resume travel to the U.S. this month, according to a press release.
Foreign home-buyers purchased $5.1 billion of South Florida residential properties in 2021, down 9% from 2020. Statewide, international home buyer dollar volume declined 22% to $12.3 billion, down from $15.6 billion in 2020. Nationally, global home buyer dollar volume dropped 27% (from $74 billion to $54.4 billion), the release said.
“For South Florida international home buying to remain essentially on par with the previous year, despite the lockdowns and bans on international travel, speaks to the incredible resiliency and the allure of our market,” said Jennifer Wollmann, chairman of the board for MIAMI. “Global buyers purchase in Miami because it is a world-class global city with better real estate prices than other similar global cities. Foreign buyers feel at home with our diversity and acceptance of all cultures.”