Foreigners bought 52% of new-construction homes in Miami

Miami’s pipeline of new condos and luxury towers is being snapped up by overseas buyers at a pace not seen before. 

A new analysis from the Miami Association of Realtors finds that international purchasers now account for 52% of all new-construction sales across South Florida over the past 22 months — a shift that confirms what developers have been seeing on the ground for months.

The sharpest demand is coming from Latin America, which now represents 86% of foreign transactions. 

Colombia, Mexico and Argentina lead the pack, a trend brokers say reflects both political uncertainty abroad and the continued draw of Miami as a safe place to park capital.

The report lands as Miami climbs global wealth rankings. 

The city now ranks No. 4 worldwide for ultra-rich residents and No. 1 for second-home ownership among the world’s wealthiest — a sign that Miami has moved firmly into the top tier of global playgrounds for high-net-worth households.

Despite higher borrowing costs and rising insurance premiums, Miami still offers buyers more space for the money than many rival markets. 

A $1 million budget buys almost four times as much prime real estate as Monaco, and considerably more than in New York or London, giving Miami a clear value edge even at today’s prices.

And cash remains king. Most international buyers are closing without financing, a factor that continues to stabilize the market and keep new-development deals moving even as interest rates fluctuate.