Miami Homes Top the List for Chinese Homebuyers: A Look at the MIAMI Association of REALTORS® Report

Miami Homes Top the List for Chinese Homebuyers: A Look at the MIAMI Association of REALTORS® Report

Miami has been an attractive destination for international homebuyers for years, and a new report by the MIAMI Association of REALTORS® (MIAMI) confirms that this trend is continuing in 2023. According to the report, China posted the highest number of global web searches for Miami homes in February 2023, edging out Colombia, which has been consistently in the top two for the last 12 months.

“Global buyers have accelerated their searches and purchases of South Florida real estate with fewer COVID restrictions and political-economic shifts abroad,” said MIAMI Chairman of the Board Ines Hegedus-Garcia. “China recently lifted its zero COVID policy after three years of lockdowns, which limited the travel of Chinese nationals to the U.S., and Miami real estate sells at a lower price per foot compared to other global cities like New York, London, Paris, etc.”

China accounted for 12.53% of all international searches on MiamiRealtors.com in February 2023, representing a 72% increase from its percentage of searches in February 2022. Germany also made a notable move up in the Miami search rankings, zooming from No. 17 in January 2023 to No. 3 in February 2023.

South Florida's appeal to international buyers is evident, as Florida has finished as the top destination for international buyers for 14 consecutive years, according to the National Association of REALTORS® 2022 International Transactions in U.S. Residential Real Estate. Florida is the No. 1 destination for foreign buyers from Colombia, Canada, Brazil, and other countries, according to the study.

Miami is a bargain for prime properties ($1M and up) compared to other global cities, as highlighted by the 2023 Knight Frank Wealth Report. For $1M, homebuyers can purchase 64 square meters of prime property in Miami. That is almost four times more than Monaco (17 square meters), nearly two times more than New York (33), and London (34), and more than Paris, Sydney, Tokyo, and more.

Even when considering all price ranges, South Florida is still a bargain in comparison to other global cities and U.S. metros, as per the NAR 2022 International Study. Miami-Fort Lauderdale-West Palm Beach’s price per square meter is $3,170, far below at least 30 global cities and 13+ U.S. Metros, including markets such as Hong Kong ($28,570), New York City ($17,191), San Francisco-Oakland-Hayward, CA ($8,250), Madrid, Spain ($6,173), Los Angeles-Long Beach-Glendale, CA ($4,740), and Seattle-Tacoma-Bellevue, WA ($4,460).

The report also revealed that Texas topped the list for domestic Miami real estate web searches in February 2023. New York was the top state for out-of-state buyers in the South Florida area in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members.

Miami's appeal to global homebuyers is evident in the top 10 countries, international cities, and U.S. states searching MiamiRealtors.com in February 2023, as seen below.

Top-10 Countries Searching MiamiRealtors.com in February 2023

1. China 12.53%
2. Colombia 11.44%
3. Germany 9.28%
4. Venezuela 6.36%
5. Philippines 4.36%
6. Argentina 3.91%
7. India 3.75%
8. Canada 3.36%
9. Mexico 3.17%
10. Spain 3.06% 

All other countries 38.78%

Top 10 International Cities Searching MiamiRealtors.com in February 2023

1. Berlin, Germany
2. Bogotá, Colombia
3. Medellín, Colombia
4. Barquisimeto, Venezuela
5. Maracaibo, Venezuela
6. Buenos Aires, Argentina
7. Cali, Colombia
8. Caracas, Venezuela
9. Mexico City, Mexico
10. Madrid, Spain

Top 10 U.S. States Searching MiamiRealtors.com in February 2023

1. Texas
2. Washington
3. Georgia
4. West Virginia
5. California
6. Virginia
7. North Carolina
8. New York
9. Ohio
10. Illinois

Top 10 U.S. Metros Searching MiamiRealtors.com in February 2023

1. Houston
2. Charleston-Huntington, WV
3. New York
4. Atlanta
5. Washington, D.C.
6. Los Angeles
7. Chicago
8. Dallas-Ft. Worth, TX
9. San Antonio, TX
10. Norfolk-Portsmouth-Newport News, VA

In conclusion, Miami's reputation as a top destination for international homebuyers remains strong. With a diverse range of buyers from around the world and a range of price points to choose from, it's no surprise that Miami's real estate market continues to be in high demand. As Miami continues to thrive and grow, it remains a smart investment for those looking to invest in real estate in one of the world's most sought-after destinations.