Florida is most popular state in the US for overseas buyers
Florida remains the top State in the United States for foreign buyers with Miami one of the most popular locations for overseas real estate investors.
Foreign real estate buyers made up 36% of sales in Miami and south Florida accounting for transactions worth $6.1 billion, according to the 2015 international buyer report from the Miami Association of Realtor and the National Association of Realtors.
The annual survey, which includes data for Miami-Dade, Broward has this year expanded to include Palm Beach and Martin counties, and ranks countries of origin and highlights key characteristics of foreign buyers.
Florida remains the top for international buyers with 21% of all foreign purchases in the US and Miami and Fort Lauderdale account for 50% of foreign sales, while the data also shows that there continues to be more foreign buyers in Miami than in the rest of the country.
The number of estate agent members in Miami working with international buyers increased four points to 74% compared to the previous year more than double the national figure of 35%.
‘Miami members have unparalleled access to foreign buyers compared to the rest of the country,’ said Mark Sadek, 2016 chairman of the board of the Miami Association of Realtors.
‘Miami and south Florida attract foreign buyers unlike any other US market and increasingly from a more diverse group of countries,’ he added.
In terms of dollar volume of sales in Miami some 78.9% of international sales were in Miami-Dade County, 18% in Broward, 2.7% in Palm Beach and 0.3% in Martin. Unit sales accounted for 22% of total sales in south Florida.
The top five countries or origin for buyers in south Florida were Venezuela, Brazil, Argentina, Colombia, and Canada, accounting for 62% of sales. Other top countries included Mexico, France and Italy, Ecuador and Spain.
The top five countries of origin for those buying properties just in Miami-Dade were Venezuela, Brazil, Argentina, Colombia, Italy, Mexico, Canada, Ecuador, France, and the Dominican Republic.
In Broward County it is buyers from Canada and Venezuela that topped the list followed by Colombia, Argentina, Brazil, India and Russia while in Palm Beach County it is Canada and Brazil and Martin County China and Canada.
The research also shows that foreign buyers spend more on properties than domestic buyers and paid $590,000 on average compared to locals spending $329,869. They also mostly pay cash with 75% doing so.
Foreign buyers also prefer condominiums with 52% opting for this type of property and 61% buy in an urban area. They are mostly buying for a holiday and as an investment.