Florida brings in foreign real estate buyers
Foreign real estate buyers bring in record hitting sales this past year nationwide, with Florida being the most popular state for overseas real estate sales. The Sunshine State attracted more foreign buyers than any other state.
According to research done by the National Association of Realtors, a record $104 billion was spent by overseas buyers on real estate in the US as a whole between April 2014 and May 2015. These sales to foreigners accounted for 8% of total home sales in the US. 21% of these sales to foreign buyers were in Florida alone.
While Florida sees buyers from all over the world, Europeans and Canadians are the most common foreign buyers in Florida. Florida, and specifically Miami, sees Argentinean and Brazilian buyers as well, who are moving north and looking to invest in homes in a more stable economy than their own. Europeans and others come to purchase winter vacation homes in Miami, where the market was listed as one of the top ten most luxurious in 2014.
A clear indication that Miami is such a hotspot for foreign buyers is the number of real estate sales made strictly with cash. This past December, 58% of real estate sales in Miami were paid for in cash, well above the national average of 35.5%
Why are foreigners coming to Miami with their piles of cash? Compared to many other cosmopolitan areas in the world, whether it be Paris or Buenos Aires or anywhere in between, Miami is relatively cheaper.
Miami is undoubtedly one of the most attractive cities in the world to live in, as people all over the world have come to notice. That being said, today is the day to contact a RE/MAX agent so that you too can own a home in one of the most attractive and popular cities in the world, as more and more properties are snapped up each day.