Chinese property buyers are paying an increased level of interest in South Florida real estate, according to a new report by the Miami Association of Realtors.
During April, the greatest number of global web searches in this Sunshine State market (13.3%) originated from China. This spike comes despite the controversy over SB 264, a state law banning Chinese nationals without permanent US residency from buying property or land in Florida. The 11th U.S. Circuit Court of Appeals issued an injunction temporarily halting the enforcement of SB 264 in February 2024, although parts of the law are in effect amid an ongoing legal conflict over the law.
China last topped the realtor association’s rankings in April 2023. Colombia, the long-time leader for global web searches, ranked second at 9.1%, followed by Venezuela (7.7%), Canada (7.4%), and India (5.2%).
“South Florida’s clean air, ideal weather and growth as a FinTech destination is a major attraction for Chinese buyers and all buyers,” said Chairman of the Board Eddie Blanco. “With the temporary injunction on SB 264 and the federal government’s major import tariff plans against China, Chinese consumers increased their searches for South Florida real estate.”
But while the Chinese lead the world for inquiries, the Argentines were the dominant force in making purchases in 2024 – buyers from Argentina acquired 18% of all international purchases in South Florida during 2024, followed by Colombia (14%), Canada (8%), Brazil (6%) and Mexico (6%).
disgusting, that’s why 1st time local buyers are priced out of the market. Does anyone care where these foreign buyer’s money comes from?
Sadly there are 2 parties that don’t give a damn who’s buying the property. One: the seller, they always go for the contract that nets them the most w the least headaches. Two: the Realtor, let’s get it under contract & closed asap, so they can get paid.