The National Association of Realtors (NAR) recently released its latest data on international investors and Florida continues to be in the top four states in the United States as a destination for international buyers to purchase real estate property. According to NAR, 21% of all units purchased by international clients occurred in Florida from April 2014 to March 2015. This represents the highest percentage among the top four states in the US: Florida, California, Texas and Arizona.
International buyers are attracted to Florida because it offers attractive prices compared to other states, economic stability, outstanding infrastructure and unparalleled quality of life, in addition to the great weather and its location. International clients see Florida as a desirable place to invest and enjoy its lifestyle.
The latest NAR data shows international buyers purchased $104 billion of real estate in the United States, a 13% increase from previous period. International clients spent on average $500,000 on a real estate purchase, representing almost double the average of US buyers. More than half of the purchases by international buyers were cash transactions. Clients from China have become top investors in the US, surpassing Canada, with 16% and $29 billion in purchases. Florida continues to be a popular destination for Latin Americans, including Mexicans, representing 35% of buyers followed by Canadians 28% and Europeans 27% respectively.
In Broward county, cities like Fort Lauderdale, Weston, Hollywood and Pompano Beach continue to attract Canadians and Latin Americans, specifically from Venezuela, Argentina, Colombia, Brazil and Mexico.
In the luxury real estate market, Miami has been ranked sixth in the ultra-high net worth individuals segment, according to the latest study by Knight Frank Global Cities survey, surpassing Paris, Zurich and Dubai. Situated just 20 miles north of Miami, Greater Fort Lauderdale certainly has the potential of benefiting from its proximity. New developments on the beach and downtown has attracted many international clients to Fort Lauderdale as Fort Lauderdale-Hollywood International Airport continues its expansion, adding direct flights to more cities in Latin America and Europe.
Florida Luxurious Properties is proud to offer the utmost professional real estate services, with its team of highly experienced associates offering French, Spanish, German, Hebrew, Italian, Malay, Mandarin Chinese and Portuguese speaking associates ready to assist.
Jose A. Gouvea is the Director of Global Marketing and Sales at Florida Luxurious Properties. For more information please contact us at FloridaLuxurious.com or 954-761-1312.