FLORIDA - The Top State in The U. S. for International Buyers
August 8, 2018
The National Association of Realtors (NAR) released its latest sales data on international transactions in the United States and Florida continues to be the top state as a destination for international buyers. According to NAR, between April 2017 and March 2018, 9% of all residential properties purchased by international clients occurred in Florida. This represents the highest percentage of purchases in the top five U. S. states : Florida, California, Texas, New York and Arizona.
International buyers are attracted to Florida because it offers attractive prices compared to other states, no state income tax, economic stability, outstanding infrastructure and unparalleled quality of life, in addition to the great weather and its location. International clients see Florida as a desirable place to invest and enjoy its lifestyle.
The latest NAR data shows international buyers purchased $121 billion of real estate in the United States during the year reported. International clients spent on average $454,400 on a residential property, which is 56.3% higher purchase price than all existing home purchases. 47% of the purchases by international buyers were cash transactions. 9% of international buyers purchased single-family homes for $1 million and over, compared to less than 3% among U. S. buyers purchasing in that price range. Clients from China remained the top buyers in the U. S. with $30.4 billion in purchases, representing 15% of all international buyers, followed by Canada at 10%, Mexico at 8%, India at 5% and United Kingdom and Brazil at 3% respectively.
Florida continues to be a popular destination for Canadian, Latin American and British buyers as the latest data from Florida Realtors shows. The top five buying countries are Canada, Brazil, United Kingdom, Venezuela, Argentina and Colombia. 72% of international buyers paid cash for their properties in Florida. South Florida remains the top destination representing 53% of all sales to international clients in Florida.
In Broward County, cities such as Fort Lauderdale, Weston, Hollywood and Pompano Beach continue to attract Canadians and Latin Americans, specifically from Venezuela, Argentina, Colombia and Brazil.
In the luxury real estate market, Miami continues to rank among the top fifteen cities in the world, according to the Knight Frank City Wealth Index, 2018 Wealth Report. The city is also listed as number 8 in property investment and number 5 with the highest number of five star hotels.
Situated just 20 miles north of Miami, Greater Fort Lauderdale certainly benefits from its proximity. New real estate developments, including at the beach and downtown areas, have attracted many international clients to Fort Lauderdale. The city hosts the world’s largest in-water boat show annually, offering international and U. S. buyers the opportunity to appreciate the area’s way of life. Fort Lauderdale-Hollywood International Airport continues its expansion, adding direct flights to more destinations in Latin America, Europe and the Middle East.
Florida Luxurious Properties is proud to offer the utmost professional real estate services, with its team of highly experienced associates offering French, German, Italian, Malay, Mandarin Chinese, Polish, Portuguese, Russian, Spanish and Turkish speaking associates ready to assist.
Jose A. Gouvea is the Director of Global Marketing and Sales at Florida Luxurious Properties. For more information please contact me at FloridaLuxurious.com or 954-761-1312.