International buyers continue to invest in Florida properties

by Kelly McCabe

Sales of Florida homes to international investors amounted to $24.2 billion so far this year, up sharply from $19.5 billion last year, according to a new report from Florida Realtors. That’s the highest amount in the U.S. and accounts for 22 percent of all sales to international buyers. 

In its 2017 Profile of International Residential Real Estate Activity in Florida, the organization found that the share of Canadians who purchased homes in the state increased, the share of buyers from Latin America and Europe declined, and the share of buyers from Asia and Africa remained unchanged. Florida Realtors attributes the increase in Canadian investors to that country’s home price appreciation, which outweighs increases in the United States. Meanwhile, Canada’s economic growth stabilized, as did its dollar against the U.S. dollar. 

In Miami, consumers from Colombia continue to show a strong interest in purchasing homes. According to a new report from the Miami Association of Realtors, Colombia led the pack in searches for Miami real estate in September for the seventh consecutive month. 

But Colombia isn’t alone, as consumers from around the country show an interest in Miami real estate. Foreign investors are attracted to the city’s business-friendly attitude, abundance of education, waterfront location and proximity to transportation, whether domestic or international. 

“Miami real estate continues to be a top destination for consumers in Latin America but all over the world,” said Christopher Zoller, the 2017 Miami chairman of the board. “Canada, Ukraine, Spain, Italy, India and the Philippines rank among the top 10 foreign countries searching for Miami real estate.”

 

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