Miami’s stream of new condos and luxury towers is being snapped up by overseas buyers at a pace never seen before.
A new analysis from the Miami Association of Realtors shows that international buyers now account for 52% of all new-construction sales across South Florida over the past 22 months — a shift that aligns with what developers have been witnessing on the ground for months.
The strongest demand is coming from Latin America, which now represents 86% of all foreign transactions.
Another review from the Miami Association of Realtors also confirms that foreign buyers now make up more than half (52%) of new-construction sales over the last two years, with closings coming from 73 countries.
Leading the surge are Colombia, Mexico, and Argentina, a trend brokers say reflects both political uncertainty abroad and Miami’s growing appeal as a safe place to park capital.
The report arrives as Miami climbs the global wealth rankings.
Today, the city ranks No. 4 worldwide for ultra-rich residents and No. 1 globally for second-home ownership among the world’s wealthiest — signaling that Miami has firmly entered the top tier of global playgrounds for high-net-worth households.
And it’s not just a slow drip from abroad — Latin America alone accounts for 86% of all international purchases, led by Colombia, Mexico, and Argentina.
Miami’s global rise is visible elsewhere too: the city now ranks No. 4 worldwide for ultra-wealthy residents and No. 1 on the planet for second-home ownership among ultra-high-net-worth buyers.
Even with higher borrowing costs and soaring insurance premiums, Miami still offers buyers better value than many competing markets. A $1 million budget buys nearly four times as much prime real estate as in Monaco, and significantly more than in New York or London — giving Miami a clear value advantage even at today’s prices.
And the kicker: most foreign buyers are paying in cash, making them one of the most stable forces in the market right now. Their cash transactions help keep new-development deals moving even as interest rates fluctuate.
