The Miami Association of Realtors reported Monday that Colombians led all foreigners in online searches for South Florida real estate in December 2015, ending a Brazilian streak atop the online search engine’s rankings.
Colombians have long shown interest in Miami property. The country has consistenly ranked among the top 10 in prospective foreign buyers and has ranked No. 1 three times (April and May 2014, July 2015), according to Lynda Fernandez, the Miami Association of Realtors’ vice president of public relations. Colombians also spend the second-most on South Florida real estate, tying with Argentinians and trailing only Brazilians.
The shift in rankings and decrease in Brazilian interest in Miami property can be attributed to a troubled Brazilian economy and the strengthening of the U.S. dollar, said Ron Shuffield, president of EWM Realty International.
“They’re facing political challenges. For Brazilians, it’s 53 percent more expensive to buy from a year ago.”
Shuffield said there’s been a noticeable decrease in foreign buyers overall.
“We’ve seen pretty much across the board a 25-percent decrease from various countries in South America. Not a huge number … but hundreds less.”
Rounding out the top five for December were prospective buyers from Brazil, Venezuela, Argentina and the Philippines, the country’s highest-ever ranking on the list.