Despite a residential market’s slow year, foreign investors spent $7.1 billion in South Florida homes in 2017, up almost 15 percent from the previous year’s $6.2 billion.
Leading the pack in South Florida was Argentina with 15 percent of all foreign purchases last year, according to the Miami Association of Realtors.
Investors spent the second most in Miami-Dade, Broward, Palm Beach and Martin counties with 11 percent, followed by Canada and Colombia with 9 percent each, and Brazil with 8 percent.
Foreign buyers picked up 15,400 residential properties last year, up more than 40 percent from the 10,900 homes international buyers closed on in 2016.
In Miami-Dade, which captured 51 percent of foreign deals in South Florida, Venezuelans spent the most of any other country with 12 percent, as the wealthy continue to move their money to the U.S.
2017 has been a vibrant year for us in South Florida; we are looking forward to doing even better in 2018.