For months, headlines have suggested that interest from international buyers in South Florida real estate is declining. A recent report even stated that foreign buyers represented just 10% of home sales in the tri-county region, the lowest level since 2015. But when it comes to Miami’s preconstruction condo market, the story appears much different.
Ricardo Dunin’s Brickell Success: 77 Sales in 70 Days
Developer Ricardo Dunin, CEO of Oak Capital and co-founder of North Development, recently announced that his team sold 77 condo-hotel units in Brickell in just 70 days across two projects — Domus Brickell Park and Domus Brickell Center.
- Average sales price: $584,000
- Over half of buyers are international investors
- Strongest demand comes from Latin America
Dunin attributes the success to:
✔️ Competitive price point for a luxury product
✔️ Reliable broker commissions paid on time
✔️ Professional property management for rental operations
Foreign Buyers Still Active in Miami
Despite talk of a slowdown, Dunin says 37% of his buyers are U.S.-based, while the majority are foreign buyers, particularly from Colombia, Brazil, Guatemala, and Honduras. Many are purchasing smaller units with the intention of renting them out as short-term rentals.
This aligns with a new report by the Miami Association of Realtors and top brokerages including Cervera Real Estate, ISG World, PMG, Serhant, and One Sotheby’s. The study found that about half of the presold units in Miami’s preconstruction pipeline are being purchased by foreign buyers.
Why Reports May Underestimate International Demand
The perception that foreign buyers are leaving Miami was largely fueled by a June article in The New York Times, citing data that showed a sharp decline in international home sales. However, those figures primarily measured existing home sales and did not account for preconstruction condo developments — a segment that continues to attract strong international interest.
A Market with Two Realities
- Existing condos (often 30+ years old) face stricter regulations and slower sales, especially after the 2021 Surfside collapse.
- Preconstruction condos continue to thrive, particularly among Miami foreign real estate buyers seeking second homes, rental income, and long-term value.
Developers like Dunin are even planning new projects, with a third Domus-style building expected to launch soon and a fourth site already under contract.
Final Thoughts: Miami Foreign Real Estate Buyers Are Still Here
While overall residential data shows fewer foreign buyers compared to past years, Miami’s preconstruction condo market tells a different story. With half of new units presold to international buyers, developers and brokers continue to see strong demand from Latin America and beyond.
For investors seeking both lifestyle and returns, Miami remains one of the most attractive real estate markets in the world.
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