Florida Top of List in the U.S. for Attracting Foreign Buyers
By: Sabrina Orlov •
International buyers continue to purchase real estate at record number in the U.S. but nowhere is this more evident than in Florida, a long time favorite that attracts 22% of the country's international buyers.
Strong sales figures by international owners illustrate the current seller market especially for Canadians who purchased property back in the recession and are now taking advantage of the market and selling off.
Lawrence Yun, chief economist for the National Association of Realtors states “Canadians who bought property in Florida at a significant bargain during the foreclosure crisis, and are now thinking about selling, stand to benefit greatly,” he said Friday. “Many communities in Florida have seen swift price growth in recent years. With supply far short of overall demand, foreign homeowners looking to sell in areas around the coast and in Central Florida should have little problem finding a buyer for their home.”
Florida property owners that have their primary addresses in Canada, UK, Brazil, Venezuela, China, France, Colombia, Australia, Singapore and Chile represent the top 10 origins of foreign owners. The figures dropped to 432 in 2016 from 1,124 5 years earlier. This analysis is simply an indicator and represents only absentee owners, not those foreign buyers who live here part time.
International buyers spent $19.4 billion in the 12 month period between 2015 and 2016 although reports show that this was 18% lower than the previous year. A strong U.S. dollar, immigration fears, and a sellers market with rising prices were the reasons for this decline.
"The emergence of Orlando City soccer and expansions at theme parks have boosted Central Florida’s appeal, as have higher prices in South Florida", said Kevin Mays, development director at BTI Partners developors of the Grove Resort and Spa in southwest Orange County near Walt Disney World.
As competition for buyers increases, developers are looking at new marketing tactics to attract international clientele. The Grove has worked on creating a celebrity following and recently brought in celebrities such as Brazilian singer Ivete Sangalo to drive excitement with prospective buyers.
“In Brazil, they are very star-struck and celebrity driven,” Mays said. “We are accommodating some celebrities.”
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investment, real estate, Florida, live in the US