The latest international study
by NAR reveals Florida continues to be ranked number one amongst foreign buyers. Florida had always had an edge when it comes to international clients – especially in South Florida because of the area’s international appeal. This study, which covers the period from May 2007 to May 2008, documents the importance of international buyers and includes information on buyers preferences and market trends.
The foreign
(or international) home buyer is defined as one who principally resides outside the U.S. and is not classified as a foreign-born resident of the U.S. These buyers are not U.S. citizens, immigrants, foreign students, or workers on temporary visas. If you you’d like to see the entire study, please go to
Miamire.com and click on International.
Florida is by far the top state in the U.S.
for international real estate buyers, according to the 2008 National Association of Realtors (NAR). Nationally, this year’s survey indicates more than a quarter of Realtors in the U.S. had at least one international client between May 2007 and May 2008. Considering South Florida’s position as an international gateway, this percentage would be much higher in the Miami area, especially for Miami luxury oceanfront condos.
International still plays
significant part of realtors business. More than fifty percent of those who did have international clients had successful home sales transactions with those customers. While two thirds of realtors reported their international clientele accounted for about the same level of business during the past five years, 25% indicated their international business had increased. Even though the percentage of realtors, serving foreign clients has decreased nationally, international transactions accounted for a median 16% of total transactions. Again, this percentage would be significantly higher in Southeast Florida.
The level of international business
differed significantly in the top four states. More than two-thirds of Florida realtors indicated they had some foreign customers. In Arizona, less than half of the realtors had some foreign clients, but in California and Texas the percentage was much lower. Additionally, most of the foreign clientele in South Florida and Arizona actually purchased property.
While the choice of state location and regional location differed by the buyers continent or country of origin, Florida was ranked first for most foreign regions or continents. Florida was first for buyers from North America, Europe, and Latin America – and second for Asia.
Slightly more than 60% of properties purchased by Canadians were in Florida and Arizona, The majority of properties purchased by those from the United Kingdom and Germany were also in Florida. Chinese foreign purchases were primarily in California and Florida. More than half of Mexican foreign transactions were for properties in Texas, California and Florida.
Florida and particularly
Miami real estate and its surrounding areas are known as the most international area in the United States, attracting numerous visitors, tourists, and real estate buyers worldwide.
For more information on
Miami condos please refer to www.sunnyislesmiamirealestate.com or please visit my
Miami real estate blog.
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