Whether it’s the culture, family or fantastic weather, international demand for Florida properties is peaking. Although Canadian buyers comprised the largest segment of international buyers, other nationalities, like the Chinese, British, Brazilians and Venezuelans, continue to buy properties in Florida at a faster rate. Foreign investors, like the British, who have a stronger currency than the dollar, are heavily incentivized to buy at a time when their currency is worth 60% more than the dollar.
This strengthening in international demand for real estate in the sunshine state has helped drive up prices in the last year. Not necessarily good for domestic consumers as many foreign buyers are poised to buy homes with cash, making them more desirable buyers because of the shortened period of time it takes for the deal to close. As a whole, buyers abroad now comprise 10 percent of total home sales in the state. In the future look for this number to grow. In the last year the Chinese leaped from one to six percent of international purchases, the fastest growing nation in the world.
Especially attractive to international buyers are areas like Miami, which offer a plethora of options. Miami real estate has long been a favorite amongst homebuyers from outside the United States for its culture, art, nightlife, and beautiful scenery. If you are looking to purchase property in Florida, especially in the Miami area, contact a RE/MAX agent today with any questions regarding property availability, or general questions about the area!