Florida has traditionally been one of the top destinations for international homebuyers in the United States. In fact, in 2020, Florida remained the top state for foreign buyers, accounting for 21% of all foreign purchases of U.S. residential properties, followed by California (16%) and Texas (9%). The NAR report also stated that the top five countries of origin for foreign buyers in the United States in 2020 were Canada, India, Mexico, China, and the United Kingdom.
Global Buyers Still Flocking to Florida for Real Estate By Richard Westlund for Florida Realtor magazine
A 'Sunshine State' of mind
Florida is still the No. 1 U.S. choice for international homebuyers, according to the National Association of Realtors® 2022 International Transactions in U.S. Residential Real Estate report. About 24% of international sales occurred in Florida, more than twice as many as California (2) and Texas (3).
In the tri-county South Florida market, foreign homebuyers purchased $6.8 billion of residential properties in 2022, up 34% from $5.1 billion in 2021, according to a MIAMI Association of Realtors® study. Buyers from 54 different countries purchased 9,400 South Florida properties in 2022, up 25% from the prior year.
Angulo expects that demand will strengthen this year, despite the challenges of inflation and the strong U.S. dollar. “Argentina, Colombia, Canada, Peru, Mexico, Brazil, France and Italy will be great targets for Florida real estate professionals,” he says.
Residences in the Tampa Bay market appeal to buyers from India, Korea, Vietnam and the Philippines, as well as traditional sources of demand, says Julie Yo, broker-associate, RE/MAX Alliance Group in Tampa. “Look for countries where foreign residents can apply for an employment-based (EB) visa,” she adds.
With its many visitor attractions, Central Florida has a universal appeal for vacation home and investment buyers, says Zsolt “Zola” Szerencses, broker-associate, Keller Williams At The Parks in Orlando. “We have seen an increase in buyers from the Middle East as well as eastern Europe who may be looking at different regions of the state,” he says.
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