In the last decade, there has been a significant increase in international buyers in Florida, despite the slowing in domestic sales. Many seek to diversify their assets, find a vacation home, or uncover investment opportunities. One of the most attractive features of buying a home in the United States for foreign buyers is that it gives them a chance to invest in property with secure rights. According to the Profile of International Home Buyers in Florida (Yun), fifty-seven percent of realtors have noticed a rising interest in the international market for Florida homes. Between 2008 and 2009, thirty-one percent of sales to non-residential foreigners were closed in Florida, even though it was the most unstable economic period.
The demographic for international buyers largely originates from Canada and Mexico. Latin America, however, is also highly interested in home purchases. They made up twenty-six percent of the international buyer population. Venezuela was the most common country of origin. Most Venezuelans are interested in urban areas in the Miami-Fort Lauderdale-Miami Beach area. However, some chose to live in the suburbs instead. The most common length of time for residing at a property was six months out of the year.
Most buyers choose existing residences in Florida over new ones, and they choose Florida because they consider it a desirable location. Many considered their purchase to be a highly profitable and secure investment due to the United States strict property rights regulations. A majority of the international buyers feel that homes in Florida are less expensive than in their home country, creating the perfect vacation, investment and retirement opportunity. Foreign buyers usually prefer to buy their homes in cash.
Although houses in Florida have experienced a dip in the domestic market, the international market has taken advantage of lower prices. Buying a house in Florida is the perfect investment solution if you live in another country.
Yun, L., Ph.D., Bishop, P., Ph.D., Chung, K., Smith, J., Ph.D. (2011). Profile of International Home Buyers in Florida. National Association of REALTORS.
Guest post is provided by Plan B International. We help international buyers find the perfect Florida and Miami apartments for residential, vacation, retirement and investment opportunities.