China became the top country searching for South Florida homes last month, pushing Colombia to the No. 2 slot.
Potential buyers from China registered the most searches on Miami Association of Realtors’ public listings portal in April, according to the Miami Realtors. Colombia has held one of the top two spots for the last three years.
While users in China represented 13 percent of all searches in April, Colombians accounted for 9 percent. Venezuela, Canada and India followed with 7.7 percent, 7.4 percent and 5.2 percent respectively.
Though domestic buyers became a more dominant buyer pool in South Florida during the pandemic, international buyers from Latin America and other countries have since returned. Still, some say that demand has dipped as a result of President Trump’s immigration policies.
In 2023, Gov. Ron DeSantis signed a law that restricted Chinese investment in Florida. It bans nearly all Chinese citizens and businesses based in China from purchasing real estate in Florida. Foreign investors from the other “countries of concern,” including Venezuela, Cuba, Russia, Iran, Korea and Syria are banned from buying agricultural land in the state, as well as real estate within 10 miles of military and critical infrastructure facilities.
That law is being challenged in court by a group of Chinese citizens who allege the law is discriminatory and unconstitutional, and that it violates the Fair Housing Act. Last year, an appeals court temporarily halted the enforcement of Senate Bill 264.
The Miami Realtors survey can offer an indication of the countries foreign buyers are coming from. Colombians have been a big buyer pool for condo developers in South Florida.
Last year, buyers from Argentina purchased the most South Florida real estate of all foreign countries, according to the Miami Realtors. Argentina represented 18 percent of all international purchases in the tri-county region, while Colombia represented 14 percent and Canada 8 percent.
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