South Florida real estate doesn’t beckon foreign buyers like it used to be.
According to a report by the Miami Realtor Association, the percentage of home property purchases by foreign buyers in South Florida fell sharply to 10%, a dramatic decline from 50% in 2018, 2024, and 2024, a decade low.
The survey results were based on responses from around 2,400 real estate agents in Broward, Palm Beach, Miami-Dade and Martin counties, and counties to an online survey sent to approximately 60,000 members. This survey measured purchases from August 2023 to July 2024.
Bonnie Heatzig, executive director of South Florida luxury sales at Compass Real Estate, believed it had declined to many factors, including global uncertainty, currency pressures and new condominium regulations imposed in response to the collapse of Champlain Towers in 2021.
Plus, she said the rising prices, interest rates and demand for South Florida property, as the Covid-19 pandemic is likely to have kept foreign buyers out of the game. “In some cases, rising prices in Miami could have priced segments in the international market and narrowed the pool to very high net buyers,” she said.
The survey defined non-US citizens whose primary residence was overseas or non-US citizens who lived in the United States within two years at the time of their transaction. Non-US citizens who lived in the United States for more than two years were not counted as foreign buyers.
The survey found that almost 60% of foreign buyers of South Florida property come from Latin America.
A majority (59%) of home sales in southern Florida were involved in apartments, compared to 39% in Florida and 23% nationwide.
76% of homes purchased by foreign buyers in South Florida were used as rental or vacation homes, compared to 45% nationwide.
Argentina led a list of countries of origin among South Florida buyers. 18% of foreign buyers came from the country, followed by Colombia (14%), Canada (8%), Brazil (6%), Mexico (6%) and Venezuela (5%).
Argentina was also the top source for foreign buyers (21%) in Miami-Dade County. Although 22% of Broward’s buyers were from Columbia, Canadian buyers accounted for 25% of foreign buyers in Palm Beach County, the survey found.
Previous research shows that since peaking at 50% in 2018, the share of foreign dollars that bought homes in South Florida has steadily declined. From there, the rebound fell to 38% in 2019, 32% in 2021, and 18% in 2021.
However, the study noted that interest in the South Florida market remains strong among international buyers, particularly compared to the state of Florida and the US market as a whole.
The dollar value of international purchases in the four counties was estimated at $2.98 billion during the study period, resulting in $2.3 billion in purchases in Miami-Dade County. Broward County made the next $584 million foreign trade, followed by Palm Beach County for $94 million and Martin County for $5 million.
Activities across the rest of Florida were estimated to be worth $125 million.
Florida has also been the top destination for international buyers for the 16th consecutive year in 2024, winning 20% of total foreign buyers’ purchases. The state’s share has only soaked once, under 20% since 2009.
The New York Times story about the investigation says Peter Zalewski, an independent Miami-based condominium analyst, has expressed concern that President Trump’s immigration and tariff policies could hamper future foreign demand.
However, Heatzig did not share these concerns. She told South Florida’s Sun Sentinel that the decline was “short-term flooding and not a long-term change in demand.”
“It is true that several global factors, such as currency changes and political rhetoric, have made certain buyers more cautious, but they have not erased the appeal of Miami,” Gietzig said. “We’re talking about cities with world-class amenities, the possibilities for wealth preservation, and lifestyles that resonate beyond cultures. Sophisticated investors look beyond short-term politics. They focus on where money is safe and grow.
Ron Burtibise covers South Florida Sun Sentinel’s business and consumer issues. He can be contacted by telephone at 954-356-4071 or by email at rhurtibise@sunsentinel.com.
Original issue: June 6, 2025, 4:33pm EDT
