What International Buyers are Looking for in the Florida Market
ORLANDO, Fla. – April 12, 2023 – Florida Realtors® has released its latest report on the state's foreign buyer and seller transactions, the 2022 Profile of International Residential Real Estate Activity. The report indicates a slight rebound in residential purchases (non-commercial) between August 2021 and July 2022, marking progress as the world continues to recover from the pandemic. Supply chain issues, exacerbated by the war in Ukraine, continue to drag on the global economy despite a stronger domestic recovery.
Higher sale prices, inflation and lack of inventory continue to constrain the purchase power of buyers of any origin. 49% of respondents cited cost and 38% cited property availability as reasons for not finalizing a deal in 2022. Florida remains a bargain compared to many other options for international buyers looking to purchase in the United States, though competition for property remains strong offering little discount.
Visitors to Florida from abroad, often a precursor to a long-term purchase, have been rebounding since travel restrictions have evaporated in November of 2021. 92% of foreign buyers visited Florida before purchasing in 2022, up from 89% the year before and falling back into the historical trend.
Here are highlights from the 2022 report:
Residential purchases (non-commercial) between August 2021 and July 2022 rose 5% compared to the prior 12-month period. The combination of higher sales and rising prices meant dollar volume also increased reaching $15.3 billion, which was 20% more than $12.3 billion in 2021.
Number of existing homes purchased in Florida by foreign buyers, which is 5% of existing-home sales (5% from the prior 12-month period level of 22,500)
Share of foreign buyers whose primary residence is abroad (Type A)
Florida’s top 5 buyer countries by sales
- Canada (21% of foreign buyers)
- Columbia (8%)
- Argentina (8%)
- Brazil (6%)
- Peru (4%)
Florida’s top 5 foreign buyers by dollar volume
- Canada ($1.7 B)
- Brazil ($486 M)
- Colombia ($428 M)
- Argentina ($333 M)
- United Kingdom ($265 M)
Top foreign buyer destinations
Miami-Ft. Lauderdale-West Palm Beach (53% of foreign buyers)
Tampa-St. Petersburg-Clearwater (8%)
North Port-Sarasota-Bradenton (6%)
Cape Coral-Ft. Myers (6%)
Naples-Immokalee-Marco Island (3%)
Foreign buyer median purchase price ($360,000 for all Florida existing-homes sold)
Foreign buyers who paid all-cash (44% among all U.S. foreign buyers)
Foreign buyers who intended to use the property for vacation, residential rental, or both uses
Foreign buyers who purchased single-family units
Percent of foreign buyers who visited Florida at least once before making a purchase
Percent of foreign buyers who were referrals of personal and business contacts and former clients, or who were former clients
Respondents who reported clients (either non-U.S. citizen or U.S. citizen) seeking to purchase property abroad
Percent of respondents who speak a language other than English
Percent of respondents who “have not had problems” working with foreign buyers
Click the blue button below to download the most recent report, the 2022 Profile of International Residential Real Estate Activity in Florida. If you are visually impaired and need assistance reading the full report, please contact the Research Department at 407.438.1400.