International Money Pouring Into Florida
It is no secret that Florida is prime target for investors and home buyers from all over the globe. Each year the Florida Realtor Association puts together a report about where the money is coming from, and how much. This is some pretty interesting stuff, I went ahead and did the research & cliff noted it here for you…you’re welcome.
Here is what they found in the past year from August 2016 – July 2017.
Florida Property Purchases By Foreign Buyers
- Foreign purchases increased to $24.2 billion, a 19.75% increase from last year
- Foreign transactions accounted for 21% of Florida’s volume or property sales. 2% increase from last year
- Foreign buyers purchased 61,300 Florida properties. 23.25% increase from last year
- The median purchase price paid by foreign buyers increased to $259,400 ($252,500 in 2016)
- The median price paid by foreign buyers was 18% HIGHER than the median price paid by all Florida buyers
Where Are The Foreign Buyers From?
- Latin America & Caribbean Buyers were the largest portion of foreign buyers at 34% but that is a decrease from last year when they made up 39%
- Canadian Buyers increased to 22% (up from 19% in 2016)
- European buyers was unchanged at 23%; Asian buyers at 10%; and African buyers at 1%
Foreign Funds & Flavor
- 72% of foreign buyers made an all-cash purchase
- 68% of foreign buyers purchased single family / detached homes, 49% bought a townhouse or condominium (not quite sure how those numbers add up, but I think they factored townhouses into single family in some instances)
- 35% purchased in a central areas; 15% purchased in a resort area
- 93% of foreign buyers visited Florida at least once before purchasing a property
Foreign Interaction & Future
- While international business rose, fewer Realtors in Florida (44%) said they worked with an international client in 2017 (48% in 2016)
- 61% of Realtors said they did not have cultural and language problems
- 43% of Realtors expected the same or an increase in international clients, 42% expected a decrease, and 15% had no opinion (thanks to the 15% for not being helpful at all)
- 56% of Realtors expect foreign retirees to be potential clients