Miami was the most popular city for foreign buyers last year, though sales to international buyers declined in South Florida, according to a new report from the Miami Association of Realtors.

Foreign homebuyers purchased $3.1 billion of South Florida properties in 2024, down from $5.1 billion in 2023. Global buyers bought 4,000 South Florida properties in 2024, down from 6,200 the previous year, the report said.

Buyers from Argentina were the largest share of South Florida buyers (18%), followed by Colombia (14%) and Canada (8%). Other buyers came from Brazil, Mexico, Venezuela and other central and South American countries, the report said.

Foreigners, though, bought fewer properties due to a strong U.S. dollar making it harder for global buyers to move their money, low inventory and the uncertainty of the U.S. presidential election, the report said.  

Despite the slowdown, the share of foreign buyers in the south Florida market remains larger than any other U.S. market, according to the report.

South Florida’s foreign buyer share — foreign buyer residential purchases as a percentage of dollar volume — was 10% in 2024, the report said. That compares with the nationwide average of 2% and 3% for Florida as a whole.

Miami-Dade County accounted for the largest share of South Florida’s foreign buyers (65%), Miami Realtors say. South Florida foreign buyer sales volume totaled $2.3 billion in Miami-Dade in 2024.