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More foreigners buying property in Florida
Date:-22-Aug-2011
More foreigners buying property in Florida
An influx of foreign purchasers has helped to support property sales in some of USA’s holiday hotspots, particularly in the sunshine state, with many overseas nationals buying property in Florida, according to a fresh survey by the National Association of Realtors.
The Florida property market, like many markets across the USA, has been badly affected by the U.S. property crash, with plenty of foreclosures available. But the recent rise in the volume of overseas nations buying property in Orlando and Miami has helped to support sales levels.
NAR’s survey reveals that for the 12 months ending in March, 31% of Florida’s property sales were to foreign buyers, up from 10% in 2007, highlighting the heavily reliance on overseas nationals buying property in Florida.
Many foreigners are being lured by extremely attractive USA property prices, down 30% nationwide since peaking in 2006. Furthermore, the weakened dollar has made the prospect of investing in U.S. real estate even cheaper – an attractive proposition for many potential holiday home buyers and property investors.
Since the start of 2006, the Canadian dollar, for example, has increased by 18% against the U.S. dollar, while the euro has gained 22%, data tracker Oanda shows.
