Southwest Florida Attracting International Buyers
Posted by Benjamin Dona on Wednesday, September 9th, 2009 at 4:08pm.
International clientele are once again making up a significant number of the buyers for the Southwest Florida real estate market. In fact, in Naples, 25% of the population (double the national average of 12%) are foreigners.
According to a recent survey conducted for the Florida Association of Realtors, a majority (54%) of Florida agents worked with an international client within the past 12 months and over 10% of them worked with 11 or more international clients in the same time period. The top international buyers for Southwest Florida real estate included Canadian, British and German foreign nationals who happen to have an advantage at the moment as their exchange rate favors their currency and provides them with increased purchasing power.
Other survey highlights included:
- 86% of international buyers bought an existing home and 14% opted for a new construction.
- 52% chose a single-family detached home and 34% chose a condominium.
- Foreign nationals were responsible for approximately 32% of the new and existing home sales in Florida over the last twelve months.
- The top two reasons international buyers gave as to why they chose to buy in Southwest Florida were they found it to be a desirable location and a potentially profitable investment.
- The top reasons given for not buying included not being able to find financing, property taxes and stricter U.S. immigration laws.
Agents working in Southwest Florida should take heed of these survey results and be prepared to work with the challenges facing international buyers in order to be able to assist them when the opportunity arises.
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