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US real estate agents search around the world for property buyers

They are concerned that not only has the number of US buyers fallen sharply due to the property slump but that foreign buyers are deserting the sunshine state despite lots of bargain prices.

The number of foreign buyers across the US has declined over the past year according to the National Association of Realtors. But it is Florida, which has always had a high number of international buyers that is suffering the most from the trend.

According to the study, which covered the year ending in May, international buyers made up only 5% of sales in some areas. An overwhelming 41% of those sales were to Britons.

Agents are now using property shows around the globe to create business opportunities far more than ever before.

Agent Michael Saunders recently spoke to Spanish investors in Madrid to highlight what Florida has to offer.

Prudential Palms Realty's international sales director Patricia Tan said she spent two weeks in Asia hoping to attract buyers. She attended the Luxury Property Show in Malaysia and the Asia Property Show in Singapore.

Other countries where agents hope they can attract more business include the Middle East, Germany, China and India.

Some 38% of the realtors said they thought the weak dollar was having a significant impact on foreign buyers looking in the US but there are other factors hindering interest from abroad. 'While US real estate is still considered a safe bet there are some perceived impediments to foreign purchases including cost of property, immigration laws, and property taxes,' the report said.

When it comes to the commercial sector it is big investment companies from the Middle East that are leading the way, as recent deals show. Abu Dhabi Investment Council's 90% purchase of Manhattan's Chrysler Building for US $800 million and Istithmar's $750 million purchase of the Fontainebleau Hilton on Miami Beach are two of the biggest.

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