Russia is Top International Country Searching Miami Real Estate Miami Remains the Most-Searched U.S. Market Globally
Russia is the most-active country searching Miami real estate for the first time since the MIAMI Association of REALTORS® (MIAMI) began tracking search data in 2013. Russia registered the most South Florida property searches among all countries on MIAMI’s portal, www.Miamire.com, in November 2016. Colombia and Venezuela finished second and third, respectively.
MIAMI —Russia is the most-active country searching Miami real estate for the first time since the MIAMI Association of REALTORS® (MIAMI) began tracking search data in 2013. Russia registered the most South Florida property searches among all countries on MIAMI’s portal, www.Miamire.com, in November 2016. Colombia and Venezuela finished second and third, respectively.
“Miami’s emergence as one of the world’s top cities is attracting buyers from a greater array of countries than before,” said Christopher Zoller, the 2017 MIAMI Chairman of the Board. “Russian consumers and home buyers and investors from China to Canada want to own a piece of Miami real estate because Miami is young, multicultural, modern and economically diverse.”
The Miami city of Sunny Isles Beach, for instance, has a large Russian population and is known as “Little Moscow” for its propensity of Russian-owned delis, restaurants, beauty spas, supermarkets and real estate companies. About 7.4 percent of Sunny Isles residents list Russian as their first language, according to the U.S. Census.
Vladislav Doronin, who owns 7 million square meters of real estate in Moscow, is one Russian developer who has spent significantly in Miami real estate, including paying $54 million for a waterfront two-acre parcel in Edgewater in November 2016.
Some investors see President-Elect Donald Trump’s election in November as a sign that relations between Russia and the U.S. may soon improve. The number of Russians who have expressed interest in buying luxury properties in the United States has increased by 35 percent over the previous year after Trump’s victory, according to global real estate consultancy Knight Frank.
Canada Continues Searching Miami Real Estate
Canada finished with the fifth-most web searches for Miami real estate in November 2016. The ranking comes on the heels of its first place finish in October and second place finish in September.
Miami’s tropical weather, resort lifestyle and world-class shopping attract Canadians. Before the winter arrives in Canada, these Canadian “snowbirds” relocate to their Miami and Fort Lauderdale homes and live up to six months here. More than a million Canadians over 55 years old have adopted the “snowbird” lifestyle, spending the winter months in Florida.
Canadian consumers buy the fourth-most South Florida real estate among all foreign countries. The North American nation registered 6 percent of all South Florida international sales last year, according to the 2016 Profile of International Home Buyers of MIAMI Association of REALTORS® Members
Among all international buyers, Canadians spend the most on South Florida real estate. About 81 percent of Canadian buyers paid all-cash for South Florida real estate in 2016. Argentina (78 percent), Colombia (71 percent), Venezuela (71 percent) and Brazil (65 percent) trailed Canada in cash sales.
The top-10 countries visiting Miamire.com in November 2016:
The top-10 countries visiting Miamire.com in November 2015:
New York Leads All States in Miami Real Estate Searches
The top-10 U.S. states searching Miamire.com in November
South Florida is the Most Searched U.S. Market by International Consumers
The top-10 U.S. markets for international real estate demand:
South Florida ranked as a top-five market for consumers in nine of the world’s ten-largest regions in November 2016. South Florida finished as the most-searched market in South America, the Caribbean and Western Asia.