May 23, 2018

International Business is Booming in Florida

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International Business is Booming in Florida

A study by Florida REALTORS® indicates that buyers from outside the country still favor the state when it comes to residential real estate. 

Latin American and Caribbean buyers accounted for 35 percent of all foreign purchases in Florida, followed by Canadians, who represented 31 percent of the buying activity, and Western Europeans, who made up 22 percent of the volume. 

Their favorite markets were Miami and Miami Beach, along with Fort Lauderdale.  Overall, Florida REALTORS® calculated, foreign buyers spent $10.71 billion on homes in the state during the 12 months ended June 30, totaling 19 percent of all residential sales volume there.

Total sales volume from international clients is up nationwide, accounting for nearly 5 percent of all sales in the U.s. During the 12 months ended March 2012, forigen buyers spent an estimated at $82.5 billion, up from $66.4 billion one year prior, according to the National Association of REALTORS®.

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Source: "Foreign Buyers Still Love Florida Real Estate," Miami Herald (08/27/12)

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