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International Buyers Bolster Florida Real Estate Sales

Posted by Benjamin Dona on Wednesday, September 22nd, 2010 at 11:39am.

International Buyers and Florida Real Estate SalesInternational buyers are taking advantage of a weak dollar in order to buy Florida real estate at a record pace. Many are just taking advantage of the drop in property prices but most also see the Florida market as a desirable and secure investment for the future. In fact, during the last 12 months, foreign buyers purchased almost 25% of all the existing homes sold within the state.

According to a 2010 survey conducted for the Florida Association of Realtors, a majority (65%) of Florida agents worked with an international client within the past 12 months and over 30% of them worked with 5 or more international clients in the same time period. Half of the survey respondents said that international buyers currently make up 25% of their business and 15% said they accounted for over 50% of their sales in the last year. The top international buyers of Florida real estate were Canadians, accounting for 36% of the foreign purchases. Other top foreign buyers included folks from Latin America at 16%, the United Kingdom at 15% and the rest of Western Europe at 14%.

Additional survey highlights included:

  • 11% of foreign buyers bought new construction.
  • 51% purchased a single-family home; 37% purchased a condo and 11% purchased a townhome.
  • 38% purchased in a suburban area; 30% purchased property in a resort area; 25% purchased in a central city and 7% purchased in a small town or rural area.
  • 15% of foreign buyers plan to use their property less than one month per year; 21% expect to use it one to three months and 34% three to six months.
  • 81% of foreign buyers paid cash for their property purchase.

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5 Responses to "International Buyers Bolster Florida Real Estate Sales"

Ron Nedd - Clearwater wrote:
In my experience the majority of buyers here have been from Canada and some from the UK. This dropped a few years ago but it does seem there are more recently.

Posted on Wednesday, September 22nd, 2010 at 1:04pm.

Dotti Driver wrote:
Real Estate seems to be the best investment for most people right now. The stock market is too volatile. Florida will always be a favorite place to visit, so home prices will eventually go back up.

Posted on Thursday, September 23rd, 2010 at 6:19pm.

Steve in Mesa wrote:
Arizona also has a huge population of international buyers. Our top buyers here are from Canada, Mexico, the UK, China and Hong Kong. I figured most of property would just be investments, but after looking into it learned that only 1/3 of international buyers in Arizona are purchasing for investments, the other 2/3 are living currently in their purchased homes.

Posted on Monday, September 27th, 2010 at 2:42pm.

Benjamin wrote:
I'd say we have very similar numbers to yours here in SW Florida.

Posted on Monday, September 27th, 2010 at 3:09pm.

Kent in Atlanta wrote:
I grew up with the real estate in Sarasota and even back then our family dealt with many buyers from Canada and Europe.

Posted on Friday, October 1st, 2010 at 4:33pm.

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