According to a recent article by Florida Realtors, foreign interest in real estate here in the United States remains strong. These buyers are led strongly by the Chinese, and Florida had the most sales to foreign buyers. The Chinese purchased more then three times the second place country, Canada. They also buy more expensive real estate, according to the National Association of Realtors. The median price of properties the Chinese bought was nearly $550,000. There was $27 billion in total sales of real estate to the Chinese over the past year.
Foreign buyers spent over $100 billion on residential properties in the U.S. This amount was slightly below what it was a year ago.
“The slight drop in sales volume can be explained. Foreign buyers have begun to look beyond luxury markets like San Francisco, New York City and Washington, D.C. These markets have already experienced phenomenal appreciation. So savvy international buyers have begun shopping in the Southeast and Midwest, particularly in smaller, less-expensive cities like those in Florida,” wrote Steve Nickels, a financial advisor.
Foreign interest in real estate in the Sunshine State is especially strong. Florida accounted for 22 percent of all foreign purchases. The most prevalent buyers in Florida were Latin Americans, Europeans and Canadians. The Brexit has pushed more foreign buyers away from London and towards investments in the United States. However, if the UK enters a recession, that could negatively affect foreign interest in real estate here. Only time will tell the true economic effects from the Brexit.
Miami is always a popular spot for foreign buyers. Booming with culture, business and fun, everyone is drawn to the city. Check out the amazing properties we at RE/MAX Paradise have in the city today, both residential and commercial. Contact one of our agents with any questions about Miami, our properties and more.