Colombia finished as the top foreign country to visit Miamire.com looking into South Florida real estate in May, according to a new report from the Miami Association of Realtors.
In recent years, South Florida has been a magnet for Colombian buyers – many of whom are upper-middle-class families. Last year, Colombian buyers accounted for 10 percent of all foreign South Florida residential real estate sales, with an average purchase price of $516,000 – second only to Brazilian buyers, who averaged $766,000.
Colombia isn’t the only country interested in Miami
While miamire.com visitors from Colombia hold the top spot in MIAMI’s rankings, it is not the only country interested in South Florida – a fact made evident in April when realtor.com named the region the No. 1 U.S. market for international consumers.
| Country | May 2016 Rank | May 2015 Rank |
|---|---|---|
| Colombia | 1 | 2 |
| Venezuela | 2 | 4 |
| Argentina | 3 | 5 |
| Brazil | 4 | 1 |
| Spain | 5 | — |
| India | 6 | 6 |
| Canada | 7 | 3 |
| Israel | 8 | — |
| Philippines | 9 | 8 |
| Mexico | 10 | — |
In the rankings, Venezuela was a close second, jumping two spots from the same time last year. The association also recorded a year-over-year surge in the rankings from both Spain and Argentina. However, it is unclear whether those countries’ jumps were the result of increased interest, or rather falling interest from turmoiled countries like Brazil, Canada, Russia and the U.K., which all dropped in the rankings dramatically – including Russia and the U.K. falling out of the top 10 altogether.