Florida Top Choice Among Foreign Buyers

by Isaac Benmergui, Esq on September 7, 2017

foreign buyersHalf of all foreign home sales in the nation are happening in Florida, California, or Texas, according to a new study of real estate purchases by foreign buyers. Most of those sales, 22 percent, are occurring in Florida. Florida is the most popular with Canadian buyers, while Chinese buyers gravitate toward California. Texas had the most buyers from Mexico.

The study, put out by the National Association of Realtors, found that foreign buyers purchased $153 billion of residential property nationwide between April 2016 and March 2017, a 49 percent jump from the same period in 2015 to 2016. Buyers are typically from China, Canada, Mexico, the UK, or India.

“The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year,” NAR chief economist Lawrence Yun stated.

The jump in purchasing was largely attributed to higher prices for property in the buyers’ home countries. On average, foreign buyers spent $302k per residential purchase. That’s a 9 percent increase over the 2016 average purchase price of $277k. About 10 percent of those buyers purchased properties over $1 million. Nearly half of the transactions, 44 percent, were all-cash purchases.

Florida is generally a top choice for foreign buyers because of its relative affordability compared to other major markets like L.A. or New York City. It also has international flavor due to the many cultures that converge here, a temperate climate, great cultural and entertainment options, as well as mass transit and an international airport.

Call Miami Real Estate Lawyer Isaac Benmergui at 305.397.8547 and set up a no charge, no obligation consultation to discuss your case. We have over a decade of experience handling Real Estate and Civil Litigation cases throughout Miami and South Florida, and will use our expertise to help your case to the best of our abilities.

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