What Are International Buyers Looking for in the Florida Market?
A detailed overview of where international buyers come from and what they’re buying in the “Sunshine State.” Plus: a profile of the typical international buyer in Florida.
ORLANDO, Florida – November 1, 2024 – Florida Realtors® has released its latest report on real estate transactions involving foreign buyers and sellers in the state: the 2024 Profile of International Residential Real Estate Activity.
Residential real estate purchases in Florida by international buyers between August 2023 and July 2024 fell 44% compared to the previous 12-month period, in terms of the number of sales. High prices and elevated interest rates continue to put pressure on the market. In addition, international buyers face stiff competition from domestic buyers from other U.S. states amid a landscape of high prices and high interest rates.
Although sales prices are higher, the sharp drop in transactions has reduced the financial volume generated by international buyers to its lowest level in several years: $7.1 billion. This figure is 54% lower than the recent record of $15.3 billion set in 2022. Among the countries that invested the most in 2024, Canada led by a wide margin, totaling US$ 1.3 billion. There was a decline in the volume of purchases by British and Colombian buyers, while Argentines bucked the trend and increased their investments to US$ 608 million.
High prices and rising condo fees have deterred buyers of all types over the past year. About 67% of respondents said that at least one of their international clients had decided against buying in Florida, compared with 62% in 2022. The cost of the property was the main reason cited (47%). Even so, Florida is still considered a good opportunity compared to other destinations in the U.S., although strong competition keeps discounts rare.
Florida’s reputation remains strong on the international stage, but most buyers still prefer to visit before closing a deal. In 2023, 93% of respondents visited the state at least once before making a purchase, compared to 92% in 2022 and 89% in 2021, when pandemic-related travel restrictions limited access.
Key highlights of the 2024 report:
- US$ 7.1 billion – Total value of international residential (non-commercial) purchases between Aug. 2023 and July 2024, 54% below the record of US$ 15.3 billion (Aug. 2021 to July 2022).
- 10,900 – Number of pre-owned homes purchased by foreigners in Florida (3% of total sales, a 44% decrease from the previous year).
- 69% – International buyers whose primary residence is outside the U.S. (Type A).
Top 5 buyer countries by number of sales:
- Canada – 17%
- Argentina – 10%
- Colombia – 7%
- Brazil – 6%
- United Kingdom – 5%
Top 5 countries by financial volume:
- Canada – US$ 1.3 billion
- Brazil – $695 million
- Argentina – $608 million
- United Kingdom – $317 million
- Colombia – $307 million
Top destinations chosen by international buyers:
- Miami–Fort Lauderdale–West Palm Beach – 49%
- Orlando–Kissimmee–Sanford – 11%
- Tampa–St. Petersburg–Clearwater – 7%
- Cape Coral–Fort Myers – 6%
- Naples–Immokalee–Marco Island – 5%
- North Port–Sarasota–Bradenton – 4%
Other relevant data:
- $469,000 – Median price paid by international buyers (compared to $395,000, the overall median price for existing-home sales in Florida).
- 67% – International buyers who paid in full (compared to the U.S. average of 50%).
- 74% – Buyers who intended to use the property as a vacation home, for rental, or both.
- 54% – They boughtsingle-family homes.
- 93% – They had visited Florida at least once before making the purchase.
- 67% – Buyers came through referrals from personal contacts, business contacts, or former customers.
- 23% – Real estate agents reported having clients (U.S. citizens or non-U.S. citizens) looking for properties abroad.
- 41% – Real estate agents who speak a language other than English.
- 66% – Real estate agents who said they “had no problems” dealing with international buyers.
Source: Floridarealtors.org