Foreigners spent $12.7 billion on Florida homes last year

International buyers were responsible for $3.8 billion worth of residential real estate sales in Miami, Miami Beach and South Florida in 2010, according to a National Association of Realtors report cited by the South Florida Business Journal.

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Statewide foreigners accounted for $12.7 billion worth of sales, or 26 percent of the $48.8 billion of residential real estate sold last year. Of those buyers 39 percent hailed from Canada, and just 12 percent plan on spending more than six months a year at the home. Fifty-six percent intend to stay between two and six months a year.

The South Florida market was the top target for foreign investors, attracting 30 percent of their investments, compared to the 14 percent and 11 percent the greater Orlando and greater Tampa markets received, respectively. [SFBJ]

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