Foreign buyers invest $8bn in florida
Photo: Fifth World Art
A report from Florida Realtors shows that foreing buyers spent an estimated $7.97 billion on real estate in the Sunshine State between January 2014 and June 2014, up 23 per cent from the same period in 2013.
According to the National Association of Realtors, almost 1 in 3 sales went to Canadian buyers, while European buyers made up one quarter. Investors from Latin American and the Caribbean were not far behind, though, making up 23 per cent of the total investment during the six months.
Buyers from Asia made up 10 per cent, followed by those from China (6 per cent). This significantly lower than previous figures from the NAR, which found that Chinese buyers spent the most on US real estate in the 12 months to March 2014. Nonetheless, China's share of activity is up from 1 per cent a few years ago, notes The Overseas Investor, which indicates its rising interest in both Florida and the US.
The popularity of Florida among overseas buyers is no secret. Indeed, the state accounts for 7 in 10 of the most searched-for locations in America on TheMoveChannel.com, with buyers especially interested in Orlando and Miami. Florida also accounts for almost 3 in 10 enquiries (29 per cent) on TheMoveChannel.com, thanks to its combination of investor and lifestyle appeal.
Recent research from the Miami Association of Realtors confirmed that Miami is the most international city in the United States of America, with investment still going strong from overseas buyers, but also more than half of residents in Miami-Dade County born abroad.
The Florida Realtors figures emphasise just how much Florida dominates the US real estate market for international investors: 17 per cent of the $46.7 billion spent by foreigners on US property was on property in Florida.
Their latest figures for the third quarter of 2014 show that closed sales of single-family homes jumped 7.6 per cent compared to the same three months in 2013, pushing up median sales prices by 4 per cent year-on-year. The median price for townhouse-condo properties jumped 6.9 per cent annually.