As the United States economy continues to improve, it’s drawing interest in the form of investment from around the globe. According to the 2014 Profile of International Home Buyers in Florida report, it’s estimated that about 25 percent of homes purchased by international investors in the U.S. were located in Florida. Additionally, Miami area purchases comprised ten percent of total international sales. Research shows that in the past year ten percent of homes purchased in the state involved a foreign buyer. Florida has seen a 24 percent increase in the dollar amount spent on properties for the twelve months ended June 2014, partly due to currency exchange rates.
The United States market is still attractive to markets like England, France, and Germany where the local currency, the pound and euro respectively, are still considerably stronger than the dollar. At the time of writing the pound was trading on the open market at over $1.60 per pound and $1.29 per euro. On a geographic basis, Western Europeans accounted for 24 percent of total foreign real estate investment in Florida.
As compared to the national average of 28 percent, 52 percent of realtors in Florida reported international client sales in the year, while 29 percent saw an uptick in the percentage of clients that were internationally based. With this in mind it’s important for local realtors to understand cultural differences, language barriers and the concerns of potential international clients. Here at RE/MAX we pride ourselves on being an industry leader in international client service with offices in over 90 countries worldwide. So, feel free to reach out and contact us if you have any additional questions regarding Florida, or Miami real estate!