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Latest News
Florida real estate continues to attract overseas buyers
Date:-02-Sep-2011
Overseas nationals represented around 25% of all Florida property transactions in the 12 months ending June 2011, according to research conducted by the National Association of Realtors in conjunction with Florida Realtors.
The survey, which was conducted in June and early July, illustrates that foreigners continue to make up a major share of transactions in Florida.
Rising international demand for homes in Florida is good news for the market overall, as this will help absorb the glut of properties on the market. It also indicates growing faith in the investment opportunities that currently exist in the Florida property sector, with high rental yields achievable and plenty of room for potential capital growth.
The survey also reveals that almost all Florida real estate sales are for cash, with foreign purchasers buying homes at the upper end of the market with an average price of approximately $174,700 (€154,600/£107,500).
Good value for money is seen as the main reason as to why a high level of foreigners are buying homes in Florida, among other parts of the USA.
Nationwide, Canadians remain the most active foreign buyers in the USA, with Brits now less important than last year. There has also been a significant rise in the volume of Brazilians and Venezuelans buying homes in the country.
