Miami has been named the top U.S. real estate market for ultra-rich foreign buyers of luxury real estate. According to the US Ultra Prime Real Estate Report, 26% of American ultra-luxury properties sold to overseas buyers were in Miami, with over 95% of the deals being completed in cash. Miami was followed by Los Angeles at 9% and Manhattan at 3%, with ultra-luxury defined as properties costing in excess of $2,700 SF. 80% of Miami's ultra-luxury property market were sold to overseas buyers while 20% was picked up by domestic buyers. Lifestyle played a major factor in the demand for ultra-luxury real estate in Miami, where residents can enjoy warm weather year round matched with clean, beautiful beaches and world-class dining, shopping, and entertainment.
"Miami has it all, the weather, the beaches, and now Miami truly has world-class metro city centers," says Demetri Demascus a top-producer at Spectrum Realty Group. "When people travel to Miami now they are blown away with how the city has changed over the past few years. Everyone wants to live here. Compared to other prime real estate markets, ultra-luxury real estate Miami can still be purchased at a discount and the government doesn't punish you with taxes and fees for buying or owning it. Miami can offer safety from the political and economic crisis' in foreign buyers' home countries and there are many security options including high-security luxury condos and gated communities with 24/7 security. Miami also has some of the finest waterfront estates from top architects and builders like Choeff Levy Fischman and Todd Michael Glaser. There is so much variety whether it be a luxury home on North Bay Road, Pine Tree Drive, Star Island, Palm Island or a luxury condo on Fisher Island, in Porsche Design Tower or in One Thousand Museum; all with accessible modern luxuries such as Uber, Uber Eats, world-class dining and entertainment minutes away, there really is no city like it. People are coming from everywhere."
Foreign investment in South Florida homes totaled over $7 billion, 15,400 residential properties in 2017, up from $6.2 billion, 10,900 properties in 2016. Venezuelans spent the most in Miami-Dade for the second year in a row, while Argentinians spent the most in South Florida accounting for over 15% of overseas purchases. Venezuelans purchased 11%, followed by Canadians and Colombians at 9% and Brazilians at 8%. 51% of the deals were in Miami-Dade county led by Venezuelans at 12%, Argentinians and Brazilians at 9%, Colombians at 5%, French at 4% and Ecuadorians and Italians at 3%. In Broward County Canadians accounted for 12% of foreign purchases, Argentinians accounted for 8% of purchases and Brazil, Colombia and Venezuela accounted for 6% each. In Palm Beach Canadians accounted for 31% of overseas purchases and Brazilians accounted for $15%.
