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
or 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.
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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.
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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 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?
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
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