ORLANDO, Fla. – Oct. 9, 2015 – The National Association of Realtors® (NAR)' research division just released the Profile of International Home Buyers in Florida 2015 Report, which it creates in cooperation with Florida Realtors.
According to the latest report, international sales are not the exception in Florida, they're simply a normal part of doing business: A majority of Florida Realtors members (69 percent) say they have international clients. Overall, one in four U.S. international sales take place in The Sunshine State.
For the survey, NAR looked only at clients who are "citizens of another country," which includes:
- Non-resident foreigners with permanent residences outside the U.S. who typically purchase property as an investment or vacations
- Resident foreigners who immigrated within the last two years or who hold temporary visas that last longer than six months
- About 25 percent of foreign homebuyers purchasing U.S. property buy in Florida
- International unit sales totaled 44,000 properties
- As a percentage, international sales made up 12 percent of Florida's residential market (15 percent a year ago) compared to four percent nationally
- The dollar volume of international sales: $23.7 billion
- By dollar volume, international sales made up 24 percent of Florida sales (19 percent a year ago), compared to 8 percent nationally
- 69 percent of Florida's Realtors have international clients (52 percent a year ago). The U.S. average: 35 percent
- 31 percent of Florida's Realtors have more than five international clients (19 percent a year ago). The U.S. average: 15 percent
- The latest report saw a significant spike in buyers from Latin America – 56 percent compared to 23 percent one year earlier
- Approximately 50 percent of foreign buyers purchased in Miami-Miami Beach (36 percent) and Fort Lauderdale (14 percent)
- The average price of property purchased by foreigners: $538,600 ($300,600 in 2014).
- 63 percent of Realtors said that clients found Florida properties less expensive than comparable ones in their home country (76 percent a year ago)
- 29 percent of Florida's Realtors reported an increase in the percentage of their international business (45 percent a year ago). The U.S. average: 13 percent
The complete Profile of International Home Buyers in Florida 2015 Report can be downloaded at Florida Realtors' website
The survey of Florida Realtors members took place July 7-Aug. 9, 2015; 1,203 Realtors provided information on their client interaction during the 12 months ended June 2015, and on the characteristics of their most recent sale during this period.
© 2015 Florida Realtors®
Reprinted with permission. Florida Realtors®. All rights reserved.