Miami and Florida Remain a Hot Spot for International Property Buyers
The National Association of Realtors has released their 2023 Global Study regarding International Transactions in U.S. Residential Real Estate. Here were some of the key takeaways regarding the Miami and Florida real estate market and how they have remained dominant a dominant market for international buyers!
- Foreign buyers are less impacted by higher mortgage rates, as 42% paid all-cash
- Florida remains the top destination for foreign buyers, with a buyer share of 23%.
- Florida’s main buyers were from Latin America (46%) and Canada (24%).
- It was the top state destination among Canadian and Colombian buyers.
- Florida was the top location for properties sold by foreign clients, accounting for 31% of properties sold by international clients.
- 34% Increase in Dollar Volume of MIAMI Foreign Buyer Residential Purchases in 2022 compared to 9% Increase Nationally
- 25% Year-over-Year Increase in MIAMI Foreign Buyer Residential Purchases in 2022*― 8% Decline Nationally
- (see attached map)
- 55% of MIAMI REALTORS®Had an International Customer*― Significantly Higher than National Share of 17%
- Investment Security and Desirable Location are the Main Reasons Foreign Buyers Purchase Property in MIAMI Area (see attached pie chart)
Source: NAR 2023 Global Study International Transactions in U.S. Residential Real Estate
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