Foreign buyers’ interest in Florida remains strong according to NAR’s 2016 Profile of International Residential Real Estate Activity in Florida, a new report recently released by NAR’s research team. The report states that foreign buyers relocating to Florida accounted for 22 percent of all foreign buyers purchasing in the U.S. in 2016. The information compiled in this report was the result of a survey sent out to Florida REALTORS® covering their international transactions during a 12-month period from August 2015 through July 2016. The 2016 report also presents information on U.S. clients seeking to purchase property abroad.
- Foreign buyer purchases of Florida residential properties decreased to $19.4 billion ($23.7 billion in 2015).
- Foreign buyers purchased 47,000 residential properties (44,000 in 2015), which made up 12 percent of Florida’s residential market (12 percent in 2015).
- Most foreign buyers, 72 percent, made an all-cash purchase.
- Most foreign buyers, 72 percent, purchased residential property for vacation, residential rental, or for both uses. Nationally, 44 percent of all foreign buyers purchased for these purposes.
Although people all over the world continue to purchase in Florida it’s important to know the hurdles that might deter global buyers from purchasing there. The rising value of the U.S. dollar against foreign currencies and limited housing inventory could pose a challenge to Florida hopefuls located abroad. No matter where you live, reports like this can benefit you. By staying in tune to the states around you and what is drawing or deterring business there and how this may trickle down or be duplicated in your market. Remember, since Florida is such a hot-spot for foreign buyers it would be wise for all global-minded REALTORS® to download the report and learn what they can from this panhandle paradise.
Click here to download the full report.
Click here to download the infographic. (shown below)