It’s no surprise to hear that people from all over the world are drawn to South Florida’s sunny climate and vibrant culture. A recent survey by leaders in the real estate industry provides new statistics focused on foreign investors in the area’s real estate market. The survey, conducted by the MIAMI Association of REALTORS® and the National Association of Realtors, shows just how much international buyers have become a financial force in the Florida real estate game.
Some key findings of the survey:
- Florida accounts for 21% of foreign real estate purchases in the entire United States.
- In the South Florida area foreign real estate buyers made 36% of total purchases, totaling $6.1 billion in sales.
- Foreign buyers pay an average of $590,000. In comparison, locals pay an average of $215,000.
- 9% of these lucrative investments from international markets are centered in Miami-Dade County.
- Broward County was second with 18% of sales.
- 75% of these investors completed their purchases in cash.
International buyers in Florida seek homes predominantly for rental investment and vacation purposes. Slightly more than half prefer condominiums, and close to two thirds seek out central and urban areas.
In South Florida, foreign real estate buyers came mainly from South American countries – topping the list were Venezuela, Brazil, Argentina and Columbia. Buyers from Canada, Mexico, France and Italy were also prominent. The market for international investment in the area is as diverse as South Florida itself.
Seventy four percent (74%) of MIAMI Association of REALTORS® members have worked with international buyers. Wherever you hail from, finding a reputable realtor, like Suzanne Feanny, with in depth knowledge of the South Florida market is the first step towards buying your dream home.