Wealthy Colombians’ interest in buying real estate in South Florida is growing as the Latin American country faces economic weakness and political uncertainty in the midst of a highly competitive presidential election, according to sellers in the Sunshine State.

Real estate investors from Latin America have long been looking at Florida as a sought-after destination to shore up their assets, with a focus on Miami. But purchases and searches for residential properties in the state from Colombian buyers, in particular, have seen a clear uptick in recent months, figures show.

According to data by Realtor.com, more than 55 percent of international demand from Colombians at the start of the year went to Florida. Buyers from the Latin American country were also the leading nationality looking to shop for real estate in Miami, commanding nearly 32 percent of views online, up by 29 percent a year earlier.

Already last year, Colombian buyers had “staged a big resurgence in dollar volume” in the Sunshine State, Florida Realtors reported, more than tripling their spending to $925 million from just $307 million in 2024. That made Colombians the second-biggest international buyers by dollar values after Canadians ($1.9 billion).

Sales agents on the ground say that Colombian buyers are increasingly bringing up the presidential election in the country, which is going to a runoff vote this month, as a key reason why they are looking to invest in Florida.

Colombia’s Presidential Election Boosting Demand

Colombia is in the midst of choosing a new leader, a process that has been marred by months of tensions and escalating political violence, including the assassination of a presidential candidate and a string of bombings.

The presidential election’s first round on May 31 saw left-wing senator Iván Cepeda, who has been endorsed by outgoing president Gustavo Petro, heading to the run-off with hard-right politician Abelardo de la Espriella, who has been endorsed by President Donald Trump.

Neither candidate obtained more than 50 percent of the vote in the first round of the election, with Cepeda winning almost 41 percent and De la Espriella 43.7 percent.

The right-wing candidate is currently leading polls for the runoff election on June 21.

Whatever the outcome of the election, wealthy Colombians have been spooked by the growing political tension in the country as much as the country’s significant debt and unbalanced budget.

According to a recent analysis by Fitch Ratings, “the next president will face the challenge of addressing Colombia’s wide fiscal imbalance.”

Colombia’s central government deficit was 6.4 percent of GDP in 2025, or 7.8 percent net of a temporary reduction in interest costs from liability management operations. Given these numbers, Fitch Ratings estimates that debt stabilization would require a 4 percent-of-GDP adjustment.

De la Espriella said he would fix the issue by reducing the size of the state by 40 percent, while Cepeda said he would restrain public-sector salaries and benefits.

But “budget rigidities and spending pressures related to pensions, healthcare, and subnational transfers will make such adjustments difficult,” according to Fitch Ratings, and “revenue-side measures” would be likely needed to tackle the problem.

In light of these difficulties at home, growing economic uncertainty in the U.S. and rising inflation do not bother wealthy Colombian who see the country's real estate market, especially Florida and Miami, as a safe and stable place to invest their money.

“Colombia has had a communist government for the last four years and right now, the race is very close. Again, the left side of the political environment in Colombia is very close to winning. They may win, we actually don’t know,” Gilberto Iragorri, sales director of The William Residences, a luxury condo building in North Miami, told Newsweek.

“But another issue is that the U.S. dollar to Colombian peso (USD/COP) exchange rate is very low right now. We have not had a dollar so low in the last three years,” he added. “So, it’s a combination of the political elections in Colombia, the political status right now, and also the dollar that has been going down for the last year.”

“For me, the decision had less to do with reacting to a specific election and more to do with wanting to have part of my portfolio in a stable and predictable market,” Colombian buyer Juan Pablo Osorio, who is purchasing a condo at The William, told Newsweek.

He said the U.S. “has a solid framework to protect private capital through the rule of law, transparent transactions and strong property rights, adding that "as a buyer and real estate broker, I pay close attention to that type of security.”

However, political uncertainty has the potential to accelerate the conversation, Osorio said.

“If the situation in Colombia remains the same, many people will want to leave the country, and the preferred destination for Colombians is Miami,” he said. “For many Colombians, the last few years have already created a sense of uncertainty, and another administration that follows that same direction would make it harder to feel confident about the future. In that scenario, I think more buyers like me would look more seriously at Florida as a place to protect capital, create options for our families and plan ahead.”

Osorio added: “In the long-term picture, most people understand that this country is going to be more stable than theirs, no matter if we’re going through our own thing here.”

These buyers are not looking to relocate to the U.S., experts say, but to establish a foothold in the market and find a safe place to store their wealth.

Buyers “want to come to South Florida either because they want a second home or they see it as an investment,” Iragorri said.

“Just as we have seen high earners migrate domestically from high-tax U.S. states like New York and California into Florida, we are seeing a similar dynamic play out in Colombia,” Ana Bozovic, a Miami-based real estate agent and founder of Analytics Miami and Miami Deal Sheet, told Realtor.com. “Affluent Colombian families are seeking diversification and safeguards against growing long-term uncertainty and fears of hostilities toward capital.”

Osorio was initially planning to enjoy his condo in North Florida whenever he traveled to the state. Now, he is changing his mind.

“If the political situation in Colombia worsens, I would look for a way to obtain an investor visa so I could stay and live there permanently,” he said.

What Florida Stands to Gain

Based on data from Miami Realtors, Colombia is now the No. 1 global buyer market for South Florida real estate, accounting for 15 percent of all international purchases.

While 59 percent of Colombian buyers consider Miami their top choice, they are starting to expand their interest beyond the Magic City, extending their attention to Florida cities that had gotten little interest before, like Orlando and Hollywood.

In the first quarter of the year, according to Realtor.com, Orlando was the second most sought-after destination in Florida for Colombia’s real estate investors at the start of the year, accounting for approximately 7 percent of international demand from the country.

“Today, buyers are becoming a little bit more strategic as to where to invest in Florida. And markets like Orlando, from what we’ve seen and studied, are increasingly attractive because they still offer relative value,” Eduardo Pruna, sales representative for Ambar Residences Orlando, a self-managed condo hotel in the city, told Newsweek.

As of May, the median sale price of a typical home in Orlando was $409,755, according to Redfin, while it was $652,110 in Miami. In both cities, prices were down year-over-year, respectively by 2 percent and 0.44 percent.

“There’s more inventory, and incredible strong tourism. Just last year, Orlando welcomed more than like 75 million visitors. It has become one of the most visited destinations in the country, and that’s really what has attracted us to focus in Orlando,” he said. “Miami sees large spikes in tourists tied to events like Art Basel, Formula One, and the sports arena, while Orlando benefits from a more steady flow of travelers, families, international visitors, and business travelers all-year round, creating a little bit more of a stable hospitality market. This consistency is very attractive for buyers, and they are responding by investing.”

For the Sunshine State in general, Colombian buyers’ growing activity means good business—especially as much of Florida is experiencing a stark price correction and dwindling demand from regular buyers.

“No matter what’s happening in Colombia, there will always be buyers for Miami. If the political status goes back to the left side, obviously there’s going to be a lot more buyers coming from Colombia, specifically also trying to get their EB-5 visa,” Iragorri said.

The EB-5 visa allows foreign nationals to obtain a U.S. Green Card by investing $800,000 to $1,050,000 into a new commercial enterprise that creates or preserves at least 10 permanent, full-time jobs for U.S. workers. The William qualifies for it.

“There’s a history of Colombians buying homes in the U.S. no matter what political party is on board, but obviously if this happens and we have the same political party as the last four years, I think the increase can be 40 percent more buyers coming from Colombia because of that,” Iragorri added.