Colombians Descend on South Florida
Foreign buyers and investors are among the largest segment of people purchasing South Florida real estate, with Latin America seeing a large amount of activity. Among these Latin American buyers, Colombia has emerged as the top country searching for South Florida real estate during December of last year, topping all other foreign countries including its closest competitor Brazil.
Brazil was the top country in Miami’s global search rankings for most months except July, December, and May 2014. December also saw increased interest from countries outside Latin America, including the Philippines and Spain.
When focusing on Miami real estate, Colombia managed to tie with Argentina in terms of the number of home buyers, coming in third. Colombia was responsible for ten percent of Miami’s foreign transactions, right behind Venezuela and Brazil at thirteen and twelve percent.
Most Colombians choosing to move to South Florida are typically families that fall under the category of upper middle class looking to enjoy the fruits of their professional and entrepreneur labor. Most properties had an average purchase price of $516,000.
As for Spain and the Philippines, the latter has seen some of its highest activity ever.
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