Why International Buyers Choose South Florida New Developments
International buyers now account for 52 percent of all new construction condo purchases in South Florida — a figure that covers 73 countries and represents a structural shift in who is driving the market, not a seasonal trend. According to data aggregated by the MIAMI Association of Realtors across 9,115 units in 37 new construction projects over 22 months ending in mid-2025, that share has been rising, not plateauing.
Colombia leads the field for the third consecutive year, representing 15 percent of all foreign buyers and 23 percent of new construction purchases. Argentina sits in second place at roughly 12 percent. Mexico and Brazil each account for approximately 7 percent. Meaningful activity also comes from Venezuela, Peru, Chile, Canada, Spain, Italy, and the United Kingdom. In certain submarkets — Brickell, Coconut Grove, and Edgewater — Latin American buyers represent 86 percent of the international pool.
Why South Florida, and Why Now
The motivations are specific and well-documented. South Florida offers something no other major U.S. market provides at the same combination: zero state income tax, a dollar-denominated asset, direct flight connectivity to Latin America and Europe, a multilingual professional infrastructure that understands cross-border transactions, and price-per-square-foot that still looks compelling relative to London, Monaco, Dubai, or Singapore.
A $1.6 million to $5.6 million waterfront condo in Miami represents a bargain by global standards. The same money buys a fraction of the space in Monaco or a secondary location in London. Miami’s branded residence pipeline — with The St. Regis Residences, Miami — Brickell, The Residences at Mandarin Oriental, Miami, Four Seasons Private Residences Coconut Grove, and Cipriani Residences Miami all delivering in the 2027 to 2029 window — provides the kind of internationally recognized quality signals that global UHNW buyers use to make decisions remotely.
The Pre-Construction Advantage
International buyers strongly prefer pre-construction over resale, and the reason is structural, not cultural. Miami’s pre-construction payment model — typically 30 to 50 percent staged across milestones over two to three years before closing — allows buyers to move capital into a dollar-denominated asset incrementally. For buyers from countries with currency instability or capital controls, this model functions as a financial planning tool, not just a real estate transaction.
“These people aren’t necessarily moving to Miami tomorrow. They’re locking in a dollar asset while prices are at today’s level and they have time to plan the rest.” — Major South Florida sales director
The Tax and Legal Environment
Florida’s zero state income tax applies to all property owners, including foreign nationals. There is no capital gains tax at the state level. Foreign nationals can purchase real estate with no visa requirement. The U.S. legal system provides property rights protections that many buyers’ home markets cannot match.
The primary tax consideration for foreign buyers is FIRPTA — the Foreign Investment in Real Property Tax Act — which requires a withholding at closing on the sale of U.S. real property by a foreign person. This is a federal withholding requirement, not an additional tax, and is handled at the time of resale through the closing process. Buyers should work with a U.S. real estate attorney familiar with cross-border transactions to understand their specific situation before purchasing.
What Buyers Should Verify
HL Real Estate Network recommends that international buyers verify the following before committing to any South Florida pre-construction project: the developer’s track record on prior project deliveries; the specific escrow protections in their purchase contract under Florida Statute 718; the building’s rental policy if income from the unit is part of the purchase rationale; and the HOA fee structure, which in branded buildings is materially higher than non-branded alternatives.
Pricing, availability, floor plans, and delivery timelines are subject to change and should be verified with the development team. This article is editorial in nature and does not constitute legal or financial advice.