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Tuesday, November 2, 2021

What International Buyers are Looking for in the Florida Market

 What International Buyers are Looking for in the Florida Market

A detailed look at where international clients originate and what they're buying in the Sunshine State. Plus: A profile of the Florida international buyer.

ORLANDO, Fla. – Nov. 2, 2021 – Florida Realtors® has released its latest report on the state's foreign buyer and seller transactions, the 2021 Profile of International Residential Real Estate Activity. The one year-report – from August 2020 through July 2021 – reveals the emergence from the global pandemic though massive disruptions in production and travel remained.

Tourist arrivals to the United States are rising gingerly but are still decimated due to the travel bans and advisories in many countries regarding inbound and outbound entry and quarantine regulations. During the period August 2020-July 2021, tourist arrivals to the United States totaled 13.8 million, a decline of 83% compared the level during the same period prior to the pandemic in 2019.

 

Here are highlights from the 2021 report:

$12.3 Billion

Dollar volume of Florida’s existing homes purchased by foreign buyers during August 2020–July 2021, which is 5% of the dollar volume of Florida’s existing home sales (22% decrease from the prior 12-month level of $15.6 billion)

22,500

Number of existing homes purchased in Florida by foreign buyers, which is 4% of existing-home sales (34% decrease from the prior 12-month period level of 33,900)

71%

Share of foreign buyers whose primary residence is abroad (Type A)

Florida’s top 5 foreign buyers

  1. Canada ($1.8 B)
  2. Argentina ($0.9 B)
  3. Colombia ($0.8 B)
  4. Brazil ($0.7 B)
  5. Venezuela ($0.4 B)

Top foreign buyer destinations

Miami-Ft. Lauderdale-West Palm Beach (52% of foreign buyers)

Orlando-Kissimmee-Sanford (10%)

Tampa-St. Petersburg-Clearwater (8%)

Cape Coral-Ft. Myers (5%)

North Port-Sarasota-Bradenton (4%)

Naples-Immokalee-Marco Island (4%)

$347,300

Foreign buyer median purchase price ($310,400 for all Florida existing homes sold)

66%

Foreign buyers who paid all-cash (39% among all U.S. foreign buyers)

72%

Foreign buyers who intended to use the property for vacation, residential rental, or both uses

52%

Foreign buyers who purchased single-family units

89%

Percent of foreign buyers who visited Florida at least once before making a purchase

73%

Percent of foreign buyers who were referrals of personal and business contacts and former clients, or who were former clients

18%

Respondents who reported clients (either non-U.S. citizen or U.S. citizen) seeking to purchase property abroad

42%

Percent of respondents who speak a language other than English

70%

Percent of respondents who “have not had problems” working with foreign buyers

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