The Real Deal Miami

Oui, Oui: French are invading SoFla market

August 28, 2013 01:35PM

The Canadian and French flags

The Canadian and French flags

First, it was the Brazilians and the Venezuelans. Now, it’s the French and Canadians who are snapping up South Florida’s real estate. The French took the top spot as the biggest buyers of property this spring, according to Lanham and Associates, citing a report from the Miami Association of Realtors.

Lanham attributes France’s keen interest in the Sunshine State to from the association’s attendance last year at the Salon National de l’Immobilier conference in Paris and the country’s staggering tax rates for the wealthy.

Canadians are investing their money in the region for a myriad of reasons: the weather, direct flights, the absence of state income tax and a solid rental market in Miami-Dade and Broward counties.

Nearly all foreign buyers, regardless of what country they are from, are doing all-cash deals. Two-thirds of all home sales in Miami close without financing from a lender; six years ago, only a fifth of sales were all-cash. — Melanie Gray