Foreign buyers have long been a staple in the Miami real estate market. Still, there has been a recent influx of Colombian buyers after left-wing Colombian President Gustavo Petro’s election last June.
Some Colombians are worried about the new administration and its potential impact on their businesses and wealth, so they are investing in Miami real estate to protect their assets.
Just last May 2022, the Miami Association of Realtors released a report that stated that Colombians are the most active foreign buyers in the market, accounting for 11.76% of search traffic on the association’s website.
This is followed by Argentina and Valenzuela, which make up 7.7% and 6.4% of search traffic, respectively.
South Florida, in particular, has always been a popular destination for Colombians due to its sizeable Colombian community and proximity to home.
For international purchases, Colombians only come second to Argentinians, who have been the top foreign buyers of Miami real estate for the past few years.
According to the National Association of Realtors, Florida is now the top destination for foreign buyers in the U.S., with 21% of all international sales in the state.
The number of Colombians investing in Miami real estate is only expected to grow as the country scrambles to find a way to deal with the new administration.
Some brokerages in Miami are even sending their agents to Colombia to try and capture a larger share of this market.
Brickell Miami condominiums, in particular, are seeing a lot of interest from Colombian buyers thanks to their luxurious amenities and prime location. Many are even paying in cash – a sign that they are serious about their investment.
Cipriani Residences Miami, an 80-story condo tower in Brickell Financial District, is one such development that has been heavily marketed to Colombians.
According to Cipriani’s sales team, more than 10 percent of the reservations made at the project have come from Colombian buyers.
While most Colombians are buying property for investment purposes, some are also purchasing second homes in Miami as a Plan B for their families in case they need to leave the country.
Josh Stein, a luxury real estate broker in Miami, says that he has seen an increase in the number of Colombians buying property in the city over the past year.
“The current political situation in Colombia is driving many of these purchases,” he says.
“People are looking for a haven for their money and their families, and Miami is the perfect place.”
With its warm weather, beautiful beaches, and vibrant nightlife, it’s no wonder that Miami is such a popular destination for Colombians (and other foreign buyers).
And with the current situation in Colombia, it doesn’t look like this trend will slow down any time soon.
Looking For A Home in Miami? Contact Josh Stein Today
Whether you’re a Colombian investor or just looking for your dream home, the Miami real estate market has something for everyone.
If you’re interested in learning more about the current market conditions or finding a Miami luxury condo for sale that fits your needs, contact Josh now. Josh has been helping people buy and sell property in Miami for several years and is one of the most knowledgeable and experienced real estate agents in the city.
He would be more than happy to answer any questions you have or help you find the perfect Miami residential or investment property. Contact Josh today to get started.