Florida is Popular Destination for Home Buyers from Foreign Countries

By
Real Estate Agent with Tropic Shores Realty - Ich spreche Deutsch!

Florida is a popular destination for home buyers from foreign countries as indicated by the 2017 Profile of International Activity in Residential Real Estate in Florida released by the National Association of REALTORS (NAR).   

 

Here are a few highlights from the survey covering the 12 month time period from August 2016 to July 2017:  

  • Foreign buyers purchased $24.2 Billion Dollars of residential property making up 21% of Florida's residential dollar sales.
  • This represents 61,300 residential properties Real Estate Local and Global Realtor Silvia Dukesor 15% of the residential market in Florida.  Nationally, foreign buyer purchases account for 5% of national sales volume. 
  • Foreign buyers typically purchase more expensive properties.
  • The largest fractions of foreign buyers came from the following geographic regions:
    • Latin America/Caribbean - 34% (39% in 2016)
    • Europe - 23% (same as 2016)
    • Canada - 22% (19% in 2016)
    • Asia - 10% (same as 2016)
  • 93% of foreign buyers visited Florida at least once before purchasing a property 
  • 72% of foreign buyers paid cash 
  • the median purchase price for residential property purchases by foreign buyers was $259,400 representing a 18% higher price than the general median price for Florida existing home sales of $220,100
  • 81% of foreign buyers purchased property under $500,000
  • Foreign buyers purchase property in Florida for a variety of reasons including investment, safety and security, political stability, climate. 
  • The top five countries where foreign buyers originated from were:
    • Canada - 22%
    • Brazil - 7%
    • United Kingdom - 6%
    • Venezuela - 6%
    • Argentina - 5%
  • 68% of foreign buyers purchased properties for vacation, residential rental or a mix of use. 

 

Foreign Buyers in Florida 2016

 

Foreign buyers of different nationalities tend to flock to different areas. South Florida is popular with buyers from Latin America and Asia, certain areas on the West Coast are popular with Europeans. 

Here on the west coast of Florida in the greater Tampa - St. Petersburg - Clearwater area, we have a more balanced mix of foreign buyers. The area is very popular with Canadian buyers who made up 32% of foreign buyers in our area, followed by Europeans with 23%, and buyers from Latin America/Caribbean and Asia with 17% each. 

 

Working with buyers - and sellers - from foreign countries is very rewarding in many aspects. There are a few things you need to know about interacting successfully with people from another country - being understanding and sensitive to their needs and cultural differences is a must.

There are also legal, tax, and currency issues that may need to be addressed so having a team of people who have expertise in these areas will be beneficial. 

 

Looking for Professional Real Estate Services -

Local and Global?

 

International Realtor Silvia Dukes Real Estate Local and Global

Silvia Dukes is a full-time Broker Associate at Tropic Shores Realty serving

the "Adventure Coast" of Florida in Hernando County,

just north of the Greater Tampa-St Petersburg-Clearwater area. 

 

She is a Certified International Property Specialist and a Transnational Referral Specialist

and has worked with many buyers and sellers from around the world including

Canada, United Kingdom, Germany, The Netherlands, Denmark, Greece,

Trinidad, Panama, and others. 

 

You can reach her at: 

352-584-7441

Posted by

   

 

 For more information about Hernando County Homes and Land for sale including Spring Hill and the communities of Timber Pines, Glen Lakes Golf and Country Club, Silverthorn, and Hernando Beach , please call or visit my website!

Let me help you find Your Place in the Sun!

 

Silvia Dukes PA, Broker Associate

Tropic Shores Realty, 3441 Deltona Blvd, Spring Hill, FL 34606

Phone: 352-584-7441    Email: SilviaDFL@yahoo.com   Website:  www.SilviaDukes.com

 

CIPS      International Real Estate Silvia Dukes    CRS     GREEN Designation     

 At Home with Diversity               

      Women's Council of Realtors      

                             

Copyright (c) Silvia Dukes 2006-2020.  All Rights Reserved. 

Listing and real estate market information is current as of the date it was posted but subject to changes.

All content, including text and photographic images, is the exclusive property of Silvia Dukes, P.A. and may not be used without expressed written permission.   

Comments (22)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Sylvia. Florida is like a sponge for foreign buyers! Enjoy the opportunities. 

Jan 17, 2018 04:11 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Silvia. This is very interesting and I learned a lot. Well done.

Jan 17, 2018 06:38 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Hi Silvia, I am getting quite a few people from China and Vietnam. I guess we are just killing it all over the World!

Jan 17, 2018 08:09 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing these very interesting statistics.

 

Jan 17, 2018 08:12 AM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Silvia, great information. Home buyers from foreign countries should be calling you the expert Realtor to assist foreigners in their real estate needs.

Jan 17, 2018 01:02 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Hannah Williams thank you, in Florida we interact with foreign buyers quite frequently. It used to be California and New York being next for the foreign buyer market and all other states trailing far behind so most agent may not ever have the chance to work with a buyer from another country.

 

Jan 17, 2018 02:43 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Paul S. Henderson, REALTOR®,CRS, Florida has been at the top for foreign real estate transactions for quite some time now. 

Wayne Martin it sure is and I am!

Sheila Anderson thank you, glad you got some new information. 

 

Jan 17, 2018 02:45 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Jeffrey DiMuria 321.223.6253 Waves Realty that's interesting! People from different countries seem to gather at certain places and especially with Asians, they like to stick together. 

Roy Kelley thank you, I'm glad you found them interesting. 

 

Jan 17, 2018 02:51 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Rebecca Gaujot thank you, I appreciate it, I've been working with buyers and sellers from other countries for over twelve years. It's been interesting and rewarding. 

Jan 17, 2018 02:52 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Silvia are these foreign buyers cash buyers, or are they able to obtain financing?

Jan 17, 2018 04:09 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

George Souto 72% paid cash! Financing is not always easy to obtain for foreign buyers. Not all lenders have a foreign buyer program, down payments are considerably higher and so are interest rates. Some foreign buyers will take out a loan in their home country and bring that cash with them to purchase. 

Jan 17, 2018 04:15 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Terrific post about how you are equipped to help that international buyer, Silvia. We have some international buyers but most are married to Americans.

Jan 17, 2018 06:05 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Very true, Silvia.  Though, it has appeared to slow down a bit this year.

Jan 18, 2018 05:48 AM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Silvia, the market condition for foreign nationals to get loans is improving with better terms and rates. This should enhance Florida even more.

Jan 18, 2018 07:43 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Silvia, I would imagine Florida would attract many foreign buyers, and you have an edge speaking more than just English!   

Jan 18, 2018 08:51 AM
Yolanda Cordova-Gilbert
Richmond, TX

Silvia,

 That is interesting I always like to know where buyers come from and where buyers are going to. Good blog!

Jan 18, 2018 10:14 AM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Debbie Reynolds thank you. Even when dealing with those international buyers who are married to Americans, you would be dealing with cultural differences that you need to be aware of so there definitely is an international component to those transactions as well. 

Gabe Sanders in my area, I've noticed an increase in foreign owners selling their properties. 

Joe Pryor thank you, that is good to know. 

 

Jan 23, 2018 05:51 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Joan Cox thank you, it certainly helps with all my German, Austrian, and Swiss customers. 

Yolanda Cordova-Gilbert thank you, it is interesting indeed. Even knowing how people move around within the USA is good to know when you are trying to promote yourself. 

Jan 23, 2018 05:52 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Hi Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES. There are many things to know and I am constantly learning. I cannot say it is my strong suit.

Jan 23, 2018 06:00 PM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

this is very interesting information to share with sellers! and if you have a plan for marketing to those buyers, even better!

Feb 16, 2018 05:07 AM

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