Florida leads US in foreign
residential purchases

Florida had 22 percent of the nationwide total, or $24.2B, up 25 percent from the previous year

Miami /
Nov.November 13, 2017 03:19 PM

(Credit: Getty Images)

Despite Latin American buyers cutting back on home purchases in Florida, the state remains the top destination for foreign buyers purchasing U.S. residential real estate this year, according to a newly released report from Florida Realtors.

And by far, most foreign purchases in the state were in South Florida, with Miami, Fort Lauderdale and West Palm Beach representing 53 percent of the total.

Florida garnered 22 percent of all foreign purchases in the country, with international sales statewide reaching $24.2 billion for the 12 months ended in July, up 25 percent from $19.4 billion in 2016, the report shows. Nationwide, foreign buyers represent 10 percent of the dollar volume of all purchases.

Latin American and Caribbean buyers continued to account for the largest portion of foreign buyers in Florida, at 34 percent. But as Latin American countries face political, economic and currency issues, their share of total purchases in Florida fell from 39 percent the previous year.

Meanwhile, Canadian buyers’ share rose inched up to 22 percent from 19 percent last year amid a strengthening Canadian dollar.

The share of buyers from other areas remained unchanged: European buyers represented 23 percent; buyers from Asia, 10 percent; and Africa, 1 percent.

Among metropolitan areas, after Miami, Fort Lauderdale and West Palm Beach, the Orlando-Kissimmee-Sanford area came in second with 11 percent; Tampa-St. Petersburg-Clearwater at 9 percent; Cape Coral-Fort Myers at 6 percent and North Point-Sarasota-Bradenton at 5 percent.

The report is based on an annual study done by the National Association of Realtors in cooperation with Florida Realtors, analyzing the 12-month period of August 2016-July 2017. The report was based on a survey of 6,551 Realtors.

Overall, foreign buyers purchased 61,300 Florida properties, up from 47,000 in 2016. The median price paid by foreign buyers increased to $259,400, up from $252,500 in 2016. The median price paid by foreign buyers was 18 percent higher than the median price paid by all Florida buyers, according to the report.


Related Articles

arrow_forward_ios
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Gables Town Colony apartment complex, Sue Ansel of Gables Residential
Gables Residential scores $85M loan for Boca Raton apartment complex
Gables Residential scores $85M loan for Boca Raton apartment complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...