A detailed look at where international customers come from and what they’re buying in the “Sunshine State.” Plus: a profile of international shoppers in Florida.
ORLANDO, Fla. – November 1, 2024 – Florida Realtors® has released its latest report on real estate transactions by international buyers and sellers in the state: the 2024 Profile of International Residential Real Estate Activity.
Residential real estate purchases by international buyers in Florida between August 2023 and July 2024 fell 44% in terms of the number of sales compared to the previous 12-month period. High prices and interest rates continue to put pressure on the real estate market. Florida Realtors
Even with higher prices, this decline in transactions caused the dollar volume of international purchases to hit a multi-year low, reaching $7.1 billion. This figure is 54% lower than the recent record of $15.3 billion set in 2022. Florida Realtors Among the countries with the highest dollar volume of purchases in 2024, Canadians led by a wide margin. Florida Realtors
In total, Canadian buyers spent US$1.3 billion in 2023. For British and Colombian buyers, spending in dollars declined, while Argentine buyers bucked the trend and increased their spending, totaling US$608 million. Florida Realtors
High prices and condominium fees also prevented many buyers from closing deals over the past year. Approximately 67% of respondents reported that at least one international client ultimately decided not to purchase a property in Florida—a figure higher than the 62% recorded in 2022. Forty-seven percent cited the cost of the property as the main reason for the decision not to purchase. Florida Realtors
Florida remains an attractive option for international buyers compared to many other locations in the U.S., although competition remains fierce, making it difficult to secure significant discounts. Florida Realtors
Florida has strong appeal and a positive reputation worldwide, but most international buyers still prefer to visit the state before closing a deal. In 2023, 93% of respondents visited Florida at least once before making a purchase—up from 92% in 2022 and 89% in 2021, a period affected by pandemic-related travel restrictions. Florida Realtors
Key Highlights of the 2024 Report
- US$ 7.1 billion: the value of residential (non-commercial) purchases by international buyers between August 2023 and July 2024, down 54% from the record high of US$ 15.3 billion in 2022. Florida Realtors
- 10,900: the number of existing homes purchased by international buyers in Florida, accounting for 3% of existing home sales in the state (a 44% decrease from the previous period’s 19,500). Florida Realtors
- 69%: percentage of international buyers whose primary residence is outside the U.S. (Type A) Florida Realtors
- Top 5 Countries by Number of International Buyers in Florida:
- Canada (17%)
- Argentina (10%)
- Colombia (7%)
- Brazil (6%)
- United Kingdom (5%) Florida Realtors
- Top 5 Countries by Volume in Dollars:
- Canada (US$ 1.3 billion)
- Brazil (US$ 695 million)
- Argentina (US$ 608 million)
- United Kingdom (US$ 317 million)
- Colombia (US$307 million) Florida Realtors
- Top real estate markets in Florida among international buyers:
• Miami–Ft. Lauderdale–West Palm Beach: 49% of purchases Florida Realtors
• Orlando–Kissimmee–Sanford: 11% Florida Realtors
• Tampa–St. Petersburg–Clearwater: 7% Florida Realtors
• Cape Coral–Ft. Myers: 6% Florida Realtors
• Naples–Immokalee–Marco Island: 5% Florida Realtors
• North Port–Sarasota–Bradenton: 4% Florida Realtors - $469,000: median price paid by international buyers (compared to $395,000 for existing homes in Florida overall) Florida Realtors
- 67%: percentage of buyers who paid in full (compared to 50% of all international buyers in the U.S.) Florida Realtors
- 74%: the percentage of buyers who intended to use the property for vacation, residential rental, or both Florida Realtors
- 54%: the percentage of Florida Realtors who purchased single-family homes
- 93%: the percentage of international buyers who visited Florida at least once before making a purchase
- 67%: the percentage of buyers who came through referrals from personal or professional contacts or former customers
- 23%: respondents who mentioned clients (non-U.S. residents or citizens) looking to purchase real estate outside the country
- 41%: the percentage of respondents who speak a language other than English
- 66%: the percentage who said they “had no problems” when dealing with international buyers
Source: Florida Realtors