MIAMI– December 01, 2015 – (RealEstateRama) — South Florida has long ranked as one of America’s top places for international home buyers because of its world-class amenities, global business center and proximity to Latin America, according to the MIAMI Association of REALTORS® (MIAMI). A new survey by the National Association of REALTORS®, completed in cooperation with Florida REALTORS®, recently emphasized that point as it showed Miami/Fort Lauderdale market accounting for 50 percent of all Florida international home sales from June 2014 to June 2015.
South Florida’s sizable foreign buyer share is significant not only because international consumers are adding to Miami’s world-renowned diversity and entrepreneurial businesses, but because they are significantly impacting the local economy. International buyers spent an average of $538,600 on Florida property, according to the survey. That is considerably higher than the $258,200 median price of Florida residential sales in the same period.
“This survey puts into perspective the tremendous appeal South Florida has with international home buyers,” said John Dohm, the MIAMI Chairman of the Board. “From Brazil to China to Venezuela to Western Europe and beyond, foreign buyers want to own a piece of Miami and Fort Lauderdale real estate. In a short period of time, South Florida has developed into a global region with state-of-the-art infrastructure, a diversified economy and world class arts and entertainment. International and domestic buyers yearn to own a part of Miami real estate, not only for themselves but for their children.”
Miami: Florida’s Top Place for International Home Buyers
Miami-Miami Beach finished as the top location in the entire state for foreign buyers, the survey found. About 36 percent of all international housing deals occurred in the Miami area. Fort Lauderdale had the second-most foreign home purchases among Florida cities, registering 14 percent of all transactions. Fort Lauderdale’s percentage nearly doubled the next closest Sunshine State community of Orlando-Kissimmee, which finished with the third-most foreign home purchases at 8 percent:
|Metro Area||Percentage of foreign housing transactions|
|7.||Cape Coral-Fort Myers||3%|
Miami-Miami Beach finished as the top Florida destination for Brazilians, Chinese, Latin American/Caribbean, Venezuelans, and Western European home buyers, the survey showed. Miami not only ranked as the top destination for the aforementioned geographical areas, but it far outdistanced all competing metro areas in each category:
Top Florida Destination for Brazilians:
- Miami-Miami Beach: 44%
- Fort Lauderdale: 18%
- Orlando-Kissimmee: 16%
Top Florida Destination for Chinese
- Miami-Miami Beach: 42%
- Bradenton-Sarasota-Venice: 27%
- Orlando-Kissimmee: 9%
Top Florida Destination for Latin American/Caribbean Buyers (Excludes Brazil and Venezuela)
- Miami-Miami Beach: 52%
- Fort Lauderdale: 15%
- Orlando-Kissimmee: 5%
Top Florida Destination for Venezuelans
- Miami-Miami Beach: 41%
- Fort Lauderdale: 27%
- Orlando Kissimmee: 5%
Top Florida Destination for Western Europeans
- Miami-Miami Beach: 27%
- Cape Coral-Fort Myers: 13%
- Fort Lauderdale: 12%
Miami’s Top Foreign Buyers
Venezuelans ranked as the top foreign buyers in Miami, according to the survey. Venezuelans accounted for 21 percent of Miami’s foreign buyer transactions in the 12 months ending in June 2015. Argentina (13 percent), Brazil (12 percent), Colombia (8 percent), Mexico (4 percent), China (4 percent), and France (3 percent) rounded out the top-seven countries.
Fort Lauderdale: A Global City on the Rise
Fort Lauderdale — which features world-class amenities, unparalleled boating and yachting opportunities and a developing global business hub— registered the second-most foreign home purchases for Brazilian, Venezuelan and Latin American buyers in the entire state.
The survey displayed the strong attraction Venezuelan buyers have for Fort Lauderdale real estate. Fort Lauderdale captured 27 percent of all Venezuelan purchases in the entire state. Brazil (18 percent), Latin America/Caribbean (15 percent), Western Europe (12 percent), and Canada (9 percent) also purchased a significant amount of real estate in Fort Lauderdale.
Venezuelans finished as the top foreign buyers in Fort Lauderdale, accounting for 34 percent of foreign transactions in the city. Argentina (13 percent), Brazil (12 percent), Colombia (8 percent), Mexico (4 percent), China (4 percent), and France (3 percent) rounded out the top-seven countries.
Palm Beach: Top Destination for Canadian, United Kingdom Buyers
Palm Beach — the third-most populous county in Florida behind Miami-Dade and Broward Counties —is a region that is increasingly drawing international home buyers. Foreign nationals, particularly those from Canada and United Kingdom, enjoy Palm Beach’s beaches, amenities, and major industries such as biotech, tourism and agriculture.
Palm Beach finished with the second-most Canadian buyer transactions in the entire state, collecting 19 percent of all deals from America’s northern neighbor. Bradenton-Sarasota-Venice had the most Canadian deals at 29 percent. For United Kingdom buyers, Palm Beach had the fourth-most transactions with 8 percent. Orlando-Kissimmee (44 percent), Tampa-St. Petersburg-Clearwater (22 percent), and Bradenton-Sarasota-Venice (15 percent) finished in the top-three.
In regards to Palm Beach’s international buyers, Canadians finished as the largest buyer group. Canadians accounted for 62 percent of all foreign transactions in Palm Beach in the 12 months ending in June 2015. The United Kingdom (12 percent), Colombia (8 percent), and Germany (6 percent) rounded out the top-four foreign buyers in Palm Beach.
To read the 2015 Profile of International Home Buyers in Florida, visit: http://www.realtor.org/reports/profile-of-international-home-buyers-in-florida