Miami-Fort Lauderdale-West Palm Beach is once again the top destination for foreign buyers purchasing in Florida as its international purchases accounted for 52 percent of the Sunshine State’s foreign buyers, according to the 2016 Profile of International Residential Real Estate Activity in Florida conducted by the National Association of REALTORS® (NAR).
South Florida’s share of foreign buyers is higher than its 31 percent share of Florida’s existing home sales. The region’s all-year sunny weather, resort lifestyle, global business center, multicultural and multilingual community and proximity to Latin America are some of the reasons why international home buyers purchase here.
About 51 percent of Miami residents are foreign born, according to the U.S. Census Bureau.
Destinations of the top-five foreign buyers
South Florida finished as the top destination for four of the top-five foreign buyers in Florida, according to the 2016 survey.
South Florida ranked No. 1 for Argentinian residential buyers (79% buy in Miami), Brazilian buyers (69%), Canadian (36%) and Venezuelan (80%). Miami-Fort-Lauderdale-West Palm Beach ranked No. 2 for United Kingdom residential buyers with 15 percent; Orlando-Kissimmee-Sanford finished first (29%).
Top Buyers by Metro Area
Foreign buyers tend to concentrate in an area for a variety of reasons such as geographic proximity, cultural similarities, investment opportunities, and the presence of family or friends, according to the survey.
Latin American and Caribbean buyers were the major buyers in the metropolitan statistical areas of Miami-Fort Lauderdale-West Palm Beach, Orlando-Kissimmee-Sanford, and Port St. Lucie.
Europeans and Canadians (North America) comprised the bulk of foreign buyers in the metropolitan statistical areas of Cape Coral-Fort Myers, Naples-Immokalee-Marco Island, North Point-Sarasota-Bradenton, Tampa-St. Petersburg-Clearwater, and All Other Areas.
Buyers from Asia and Oceania and Europe were the largest groups of buyers in the metropolitan statistical area of Jacksonville.
Florida’s Major Foreign Buyers
Florida remained the top destination of foreign buyers purchasing U.S. residential properties in 2016, and South Florida remains the top region for international investment, according to the 2016 Profile of International Residential Real Estate Activity in Florida.
Florida accounted for 22 percent of all foreign buyers who purchased residential property in the United States, according to the survey.
Florida’s foreign buyers come from many countries, and the top five countries of origin by dollar volume were Canada ($3.0B), Brazil ($2.8B), Venezuela ($1.5B), the United Kingdom ($1.4B), and Argentina ($1.4B).
Canada led all foreign buyers purchasing in Florida, capturing 18.9 percent of all international sales in the Sunshine State.
Florida’s top-12 major foreign buyers
United Kingdom 6.2%