Where Have All Miami’s Foreign Buyers Gone?

Foreign buyers have traditionally represented a healthy chunk of Miami-Dade real estate buyers, particularly in condos, particularly in the high end market.

As of the end of 2018 there is a 137 months of supply in condos priced above $3,000,000, a 192 ( yes that’s 16 years!) for those in the $5,000,000 range and above. Even condos in the $300,000 to $600,000 price range show a 27.8 months of inventory based on closed sales.

Currency exchange rates play a major role in this.

A Canadian buying $1,000,000 condo back in 2007 needed $982,030 Canadian dollars, now for that same priced condo the buyer needs $1,363230 in Canadian dollars. A Brazilian for example could buy that same condo back in 2007 with 1,815,000 reals where now the buyer will need 3,881,710 reals. Even Europeans are finding the exchange rates more onerous. If back in 2007 680,300 Euros bought a $1,000,000 condo, today they need 873,830 Euros.