South American buyers taking a pause from Miami real estate

Colombian buyers accounted for 10 percent of all foreign transactions in Miami last year
  • South American buyers are searching the most for South Florida real estate; however, brokers have noticed a slight pause in how actively they are buying.
  • A traditional hot spot for Venezuelan and Argentinian buyers, outside of the city of Miami has been Doral.
  • Buyers from Brazil, Argentina, Venezuela and Colombia accounted for 45 percent of all foreign buys in South Florida last year.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

In Miami roughly half of all foreign home buyers are from either Venezuela, Brazil, Argentina or more recently Columbia. According to stats from the Miami Association of Realtors, Colombia topped all foreign countries searching for South Florida real estate via the association's portal in December 2015. "The indicator of web traffic by country of origin usually foreshadows a boost in U.S. buying by those countries," said Carlos Gutierrez, 2016 president of the association, estimating Columbia will jump up the list of top foreign buyers of U.S. housing this year. Last year the nation accounted for 10 percent of all foreign Miami transactions, as did Argentina. These nations trailed Venezuela and Brazil, countries that accounted for 13 percent and 12 percent of all foreign Miami buyers. The Brickell Avenue, Miami Beach and downtown Miami submarkets are the most attractive to Latin buyers, according to Chris Zoller, broker associate with EWM International. Another traditio...