Buy a Condo in Miami Beach: Prices and Rules for Foreigners

South Beach, south of 23rd Street, has Art Deco architecture, Ocean Drive and nightlife. Mid-Beach and North Beach are quieter and often better value, with large oceanfront towers along Collins Avenue. Sunset Harbour and the Venetian Islands are popular with residents who want marina access and a calmer pace, and the Lincoln Road pedestrian mall is the retail and dining core.

Miami International Airport is around 20 to 30 minutes away. Sea-level rise and storm surge are central issues: elevated ground floors, flood insurance and whether the building has seawall or drainage upgrades all affect long-term value.

Florida enacted stricter inspection and reserve rules for condominium buildings following the 2021 Surfside collapse. Before buying a condo, ask for:

• the building's milestone inspection and structural integrity reserve study
• the reserve fund balance and any pending special assessments
• monthly HOA dues and what they include (insurance, water, amenities)
• rental restrictions: some buildings ban short-term lets or impose minimum lease terms
• the wind and flood insurance quote, which has become a major cost

Florida has no state income tax. The state charges documentary stamp tax on deeds (typically paid by the seller) and a mortgage-related intangible tax if you borrow. Foreign buyers often pay cash or use foreign-national loans with 25-40% down; read US financing and the US buying guide. Use the mortgage calculator to test payments.

Because the median unit is only 95 m², buyers often discover that monthly charges matter more than the purchase price. A realistic budget for a Miami Beach condo includes the building fee, insurance (usually bundled for the building but still increasing), property tax, a reserve for any special assessment and, if you finance, interest at foreign-national rates that are typically above domestic mortgage rates.

If you plan to live there part-time, look for buildings with a strong management company and healthy reserves, as well as a clear policy on guests and leases. If you are an investor, price your return on net rent after fees and vacancy, not on headline daily rates. Use the valuation tool for a quick sanity check and talk to our team through the contact page if you need introductions to local counsel.

The main other Florida market in our coverage is Naples on the Gulf coast. For a cheaper sunbelt alternative, see Las Vegas; for dense urban living, New York. Visit the United States page for the whole list.