A recent report has found that Florida is still the number one US state for foreign real estate buyers looking for a property in America.
The report, published by Florida Realtors, found that 22 per cent of all foreign buyers who recently bought residential property in the United States purchased a home in the Sunshine State. The research found that foreign buyers purchased 61,300 Floridian properties in the most recent year studied.
Latin American and Caribbean buyers continued to account for the largest portion of foreign buyers in Florida, at 34 per cent. European purchasers – of which British buyers were prevalent – accounted for 23 per cent, Canadians for 22 per cent, Asians 10 per cent and Africans just 1 per cent.
The median price paid by foreign buyers for a home in Florida increased to US$259,400, up from US$252,500 in 2016. However, the median price paid by foreign buyers was 18 per cent higher than the median price paid by all Florida buyers, according to the report.
By far, the most foreign purchases in the state took place in South Florida, with Miami, Fort Lauderdale and West Palm Beach representing 53 per cent of the total properties sold.
Foreign buyers purchased a total of US$24.2 billion in residential real estate in the period between August 2016 and July 2017, up from US$19.4 billion during the previous 12-month period.
Nationwide, foreign buyers represent 10 per cent of the dollar volume of all property purchases.
Article published 19th January 2018