Foreign buyers continue to recognize U.S. real estate as a desirable, profitable and secure investment, as evidenced by the latest research conducted by the National Association of Realtors (NAR). The weak U.S. dollar compared with stronger foreign currencies and affordability are factors influencing foreign buyers to purchase homes in the U.S. and especially in Florida, consistently the top state in the country for international buying activity.
The just-released Profile of International Home Buying in Florida indicates almost two-thirds (65 percent) of Realtors has worked with an international client in the last year.
The Miami-Fort Lauderdale-Miami Beach area, at 17 percent, is consistently one of the top markets for international buyers in Florida. This figure is probably much higher in actuality when one considers new construction sales. Rounding out the top markets are Orlando-Kissimmee (19 percent), Bradenton-Sarasota-Venice (13 percent), Tampa-St. Petersburg-Clearwater (10 percent), Cape Coral-Fort Myers (9 percent), and Naples-Marco Island (5 percent).
Miami Overwhelming Choice for Latin Americans
and Western Europeans
One in four (25 percent) home buyers from Western Europe purchased a property in the Miami area. Cape Coral-Fort Myers with 16 percent and Tampa-St. Petersburg-Clearwater also with 16 percent were the next most popular destinations for buyers from Western Europe.
Home buyers from Latin America, including Mexico, Central America, South America and the Caribbean, accounted for 16 percent of recent home purchases by foreign buyers in Florida.
Local Market Study
Due to Miami’s real estate market’s prominence among foreign buyers, the MIAMI Association of REALTORS recently partnered with NAR to conduct a similar study that would detail information about foreign buyers in the Miami area.
As expected, an overwhelming percentage of Realtors in the Miami area are working with foreign clients. Seventy-four percent of those surveyed said they worked with an international client in the past year.
Number of International Clients in Past 12 Months
While 46 percent of Realtors in the Miami area reported that five or more of their clients were international in the past twelve months, in the entire State of Florida, that percentage was 31.
Countries of Client Origins
With 28 percent of the market share, Venezuela ranked as the top country of origin for international buyers in the Miami area during the past year. Other top countries include Argentina, Brazil, Canada, Columbia, France, and Mexico. Canada had the largest share in Florida of buyers of any country, accounting for 36 percent of recent sales.