The Miami corridor — LatAm UHNW capital, structurally
Foreign buyers spent $4.4 billion on South Florida residential in 2025 (+42% YoY). International buyers purchased 49% of new South Florida construction over 18 months ending June 2025 — 86% of those were Latin Americans. Argentinians were the #1 foreign buyer group in 2024; Colombia led foreign-buyer search activity for 39 consecutive months.
The pre-pandemic narrative that Miami's LatAm-driven market was cyclical has not survived post-2020 data. It's a structural corridor reflecting both Latin American political/economic instability and the structural attractiveness of USD-denominated real assets to LatAm UHNW.
Most active categories: branded residential (Aman Miami presold ~80% ahead of its 2025 debut); luxury single-family in Coral Gables, Pinecrest, Coconut Grove; new-construction condos in Brickell, Edgewater, Sunny Isles, Bal Harbour.
For individual exposure: most LatAm-driven projects are sold through pre-construction phases at high premiums; resale market trades at smaller premiums but with more transparent pricing. Public REIT proxies: AvalonBay (general multifamily), Cyrela (Brazilian developer with North American exposure), some of the smaller Miami-focused condo developers.