The National Association of REALTORS conducted a survey of residential real estate transactions with international clients that closed from August 2018 through July 2019.
By “international clients,” the survey refers to two groups of foreign buyers: (1) non-U.S. citizens whose primary residence is not in the United States, i.e., foreign nationals; and (2) non-U.S. citizens who reside in the United States with a green card (i.e., permanent residents) or with a valid work visa (i.e., non-permanent residents).
The statistics show that Florida is a hotbed of activity for foreign buyers
The resulting report, “2019 Profile of International Residential Real Estate Activity in Florida,” is chock full of interesting statistics. Here is a round-up of the numbers:
- $16 billion: Dollar volume of Florida’s existing homes purchased by foreign buyers
- 36,400: Number of existing homes purchased in Florida by foreign buyers
- 71%: Share of foreign buyers whose primary residence is outside the United States
- $288,600: Foreign buyer median purchase price
- 67%: Foreign buyers who paid all-cash
- 70%: Foreign buyers who intended to use the property for vacation, rental, or both uses
- 43%: Foreign buyers who purchased condo or co-op units
- 94%: Percent of foreign buyers who visited Florida at least once before making a purchase
When compared to national statistics, Florida is a hotbed of activity for foreign buyers:
- The dollar volume of foreign buyer purchases accounted for 12% of Florida’s existing home sales, more than double the national 5% figure.
- Foreign buyer purchases were 9% of Florida’s existing home sales, three times the national 3% figure.
Most of Florida’s foreign buyers come from Canada and Brazil
Florida’s top 5 foreign buyers came from these countries:
- Canada ($3.3B)
- Brazil ($1.6B)
- Argentina ($1.3B)
- Venezuela ($0.9B)
- Colombia ($0.8B)
Displaced from last year’s top 5 countries were China and the United Kingdom. Slots 6 through 10 this year went to the United Kingdom, Mexico, France, Germany and China, respectively.
Miami, Ft. Lauderdale, and West Palm Beach are the Florida hotspots attracting the most foreign buyers
- Miami-Ft. Lauderdale-West Palm Beach (53% of foreign buyers)
- Orlando-Kissimmee-Sanford (11%)
- Tampa-St. Petersburg-Clearwater (7%)
- Cape Coral-Ft. Myers (6%)
- North Port-Sarasota-Bradenton (5%)
Contact us if you are a non-U.S. citizen looking to invest in Florida real estate
The 2019 report shows that 67% of foreign buyers paid all-cash. If you are in the 33% group, and are looking for a loan, please contact us. We specialize in providing loans for foreign nationals, non-permanent residents, and permanent residents.
Read our success stories to see how we have helped non-U.S. citzens get loans for U.S. properties.
David A. Krebs is a licensed mortgage broker offering commercial and residential loan programs beyond your regular bank. Call us at 321-239-2781, click here to submit a message, or click here to book a free consultation.