For the major players in Miami’s real estate market, the big event this August isn’t in South Beach, Brickell, or even Florida. It’s a two-day expo in Buenos Aires. Many of the newest towers rising along Biscayne Bay are pitched and pre‑sold in Bogotá or Brasília before most prospective buyers in Miami have even seen a rendering. Despite the ongoing turmoil over immigration policy in the United States, Latin American buyers are still a predominant force in Miami’s housing market, especially when it comes to new construction. A report from the Miami Association of Realtors pooled data to track sales of new construction. The study analyzed nearly 10,000 sales across 18 months in South Florida and found that nearly half went to international buyers. Miami remains the No. 1 city in the United States for foreign homebuyers, and given the area’s deep, long‑standing ties to Latin American immigration and culture, it’s no surprise that most of those buyers come from south of the border. Still, the data collected by the realtors organization underscores just how dominant Latin American money is in the local market. Upper-class Latin Americans hoping to move to Miami or purchase a second home in the U.S. are certainly part of that trend in the data. But experts said that the market for pre-construction is especially dominated by wealthy Latin Americans who are probably more interested in moving their money than their families. Those buyers see a stable and lucrative investment in Miami’s real estate. Within the nearly half of all new‑construction sales in South Florida that went to foreign buyers, roughly 9 out of 10 were purchased by Latin Americans. And in certain parts of the city — like downtown or Coconut Grove — Latin Americans account for virtually all international buyers. Eddie Blanco, chairman of the board of the Miami Association of Realtors, told the Miami Herald that the new report is the first analysis of its kind, made possible through a collaboration among developers willing to share their sales data. The numbers showed that foreign investors — overwhelmingly from Latin America — account for an outsized share of pre‑construction condo sales. Blanco said the data confirmed a trend he had long suspected. “We already have a very Latino flavored area, similar climate, language and food, plus Miami’s low taxes and a business-friendly environment,” Blanco said. “Latin America has an appeal for all of South Florida — it aligns with the culture and lifestyle. “ 

Latin American politics drive investors north

Industry leaders said that political and economic headwinds in Latin America are helping keep Miami near the top of the global investment map. The new report posits that Latin American demand for new housing in Miami is in part driven by a rising tide of leftist political victories in Latin America, with the report even listing 10 notable leftist governments currently in power in the region such as Claudia Sheinbaum in Mexico and Luiz Inácio Lula da Silva in Brazil. “Political and economic instability in a lot of Latin America — that drives activity in our marketplace,” Blanco said. “With a lot of Latin America facing high inflation, our rising property values keep driving demand, especially for new construction.” Although the association could not immediately provide data proving a direct link between the political shifts and capital flight to South Florida, several analysts described it as a long‑standing, common‑sense trend. “Anecdotally, we see this year after year — policy changes down South result in the flight of capital north,” Blanco said. For Latin American investors, “Miami is a safe haven, political and financially, property rights are protected and there’s a favorable investment environment,” Alicia Cervera, managing partner of Cervera Real Estate, told the Miami Herald. Political shifts in recent years in Mexico, Brazil, Colombia, Chile and other countries have prompted investors to look north, she said. Specifically, Cervera said the data showed an immediate increase in buyers in the South Florida market from Chile following the election of President Gabriel Boric and from Peru after the start of Pedro Castillo’s short-lived presidency. Both leaders ran on left-wing platforms. “When governments in Latin America go left, buyers go North,” Cervera told the Miami Herald. Another factor sustaining demand: wealthy foreign buyers’ tendency to pay entirely in cash, insulating them from rising mortgage rates. Weaker exchange rates for many Latin American currencies are also prompting those with capital to park it in U.S.‑dollar assets like Miami real estate. 

How Miami developers cater to the foreign market 

A focus on Latin America is key to success in the Miami market, according to Zack Simkins, the managing director of Miami-based private mortgage lender Vaster. Simkins said businesses like his thrive on Latin American clients, in part because they are “more used to a relationship‑driven economy” and appreciate an alternative to traditional banks. Simkins stressed the importance to his business of events abroad like the Expo Real Estate Argentina in Buenos Aires this August. “Latin America is where your sales and marketing have to be,” Simkins said. “If you ever take a trip down to South America, the magazines on your flight back to Miami are going to be littered with photos of South Florida real estate projects.” The CEO of South Florida real estate marketing firm ISG World, Craig Studnicky, was quoted in the report: “I have a sales team in Colombia this week. I have a sales team going to Mexico next week. We are constantly traveling to Latin America because there is clearly demand for South Florida condos.” With the dollar strong and luxury Miami condo prices rising year after year, experts agree there’s little reason to expect demand to wane anytime soon. The pitches made abroad by groups like Simkins’ and Studnicky’s are backed by a financing model tailored to offshore buyers. Miami’s pre‑construction payment model — often allowing deposits over several years — is a major selling point, Cervera said, because it lets buyers lock in a dollar‑denominated asset before prices climb further. “Oftentimes these Latin American buyers are focusing on pre-construction because it’s an investment vehicle that allows them to move money over time,” Cervera said. “They’re less active in the resale market. These people aren’t necessarily moving to Miami — or at least not moving to Miami tomorrow.” 

How U.S. politics affect foreign demand 

Real estate industry veterans say U.S. politics — especially the recent policy changes under President Donald Trump’s administration — have had an impact on foreign buying, though not in the way many assume. Latin American demand for Miami property remains strong, especially among affluent condo buyers. Cervera said the data contradicts alarmist headlines about foreign capital fleeing the U.S., showing instead that in South Florida, international buyers are growing their share. But one segment of foreign demand was shown to have cooled: Canadians. “The reality is that the foreign nationals who are actually more sensitive to immigration crackdowns and the emotional perception of what the [Trump] administration might be doing, whether it’s right or wrong — are Canadians,” Simkins said. “It’s Canadians who’ve pulled back — they’re the foreigners walking away from deals and selling their South Florida properties.” Fernando de Núñez y Lugones, the co-founder of Miami-based developer Vertical Developments, said it’s likely that recent political frictions are to blame for the Canadian share of Florida’s foreign buyers slipping. “They don’t appreciate the rhetoric suggesting Canada could become a new U.S. state,” Núñez y Lugones said. “Canada has been an important market but now they’re putting themselves on the sidelines, taking themselves out of the game.” 

Looking ahead 

For all the focus on international money, domestic buyers still make up 51% of Miami’s new‑construction sales. Many are fleeing high‑tax, high‑cost states like California and New York, lured by Florida’s lower taxes, its year‑round summer and — compared to other global cities — more affordable property prices. Núñez y Lugones stressed that overall, it’s domestic demand that’s becoming more important to the Miami market. Ten years ago, he said, “north of 70%” of Miami real estate sales went to foreign nationals, meaning that today’s 49% share represents a significant drop over time, a trend he attributed to Latin American currency devaluations and soaring property values in South Florida. “A lot of domestic buyers are corporate relocations, people leaving states like California and New York for Miami,” Núñez y Lugones said. “In the long-term, the U.S. domestic market is becoming more important for Miami and international buyers less so.” Still, experts say foreign demand will continue to shape the skyline, even if U.S. political controversies keep on dominating the headlines. “Foreign demand is not winding down — it’s as strong as ever and we see no reason to think it’ll be less strong in the future,” Cervera said. “Miami is a major city on the global stage and there will only be more diversification in our foreign demand, coming not just from Latin America but also from Europe and the Middle East.”