A detailed look at where international customers come from and what they're buying in the Sunshine State. Plus: a profile of international buyers in Florida.
ORLANDO, Fla. - November 1, 2024 - Florida Realtors® has released its latest report on purchase and sale transactions by international clients in the state: the 2024 Profile of International Residential Real Estate Activity.
Home purchases by international buyers in Florida between August 2023 and July 2024 fell 44 % in number of sales compared to the previous 12-month period. High prices and interest rates continue to put pressure on the real estate market. Florida Realtors
Even with higher prices, this drop in transactions meant that the dollar volume of international purchases hit a multi-year low, reaching US$ 7.1 billion. This figure is 54 % lower than the recent record of US$ 15.3 billion recorded in 2022. Florida Realtors Among the countries with the highest dollar volume of purchases in 2024, Canadians led by a wide margin. Florida Realtors
In total, the dollar volume of Canadian buyers in 2023 was US$1.3 billion. For British and Colombian buyers, the dollar volume decreased, while Argentinians defied the trend and increased their spending, totaling US$ 608 million. Florida Realtors
High prices and condominium fees also prevented many buyers from closing deals last year. Approximately 67 % of respondents reported that at least one international client ended up giving up on buying a property in Florida - up from 62 % in 2022. 47 % pointed to the cost of the property as the main reason for giving up. Florida Realtors
Florida still represents an interesting option when compared to many other locations in the US for international buyers, although competition remains fierce, making relevant discounts difficult. Florida Realtors
Florida has strong appeal and a positive reputation worldwide, but the majority of international buyers still prefer to visit the state before closing a deal. In 2023, 93 % of respondents visited Florida at least once before buying - compared to 92 % in 2022 and 89 % in 2021, a period affected by pandemic travel restrictions. Florida Realtors
Main highlights of the 2024 report
- US$ 7.1 billion: volume of residential (non-commercial) purchases by international buyers between August 2023 and July 2024, down 54 % from the record of US$ 15.3 billion in 2022. Florida Realtors
- 10,900: number of existing homes purchased by international buyers in Florida, representing 3 % of existing home sales in the state (down 44 % from the previous period of 19,500). Florida Realtors
- 69 %: proportion of international buyers whose main residence is outside the USA (type A) Florida Realtors
- Top 5 countries by number of international buyers in Florida:
- Canada (17 %)
- Argentina (10 %)
- Colombia (7 %)
- Brazil (6 %)
- United Kingdom (5 %) Florida Realtors
- Top 5 countries by dollar volume:
- Canada (US$ 1.3 billion)
- Brazil (US$ 695 million)
- Argentina (US$ 608 million)
- United Kingdom (US$ 317 million)
- Colombia (US$ 307 million) Florida Realtors
- Top buying destinations in Florida among international buyers:
- Miami-Ft. Lauderdale-West Palm Beach: 49 % of purchases Florida Realtors
- Orlando-Kissimmee-Sanford: 11 % Florida Realtors
- Tampa-St. Petersburg-Clearwater: 7 % Florida Realtors - Naples-Immokalee-Marco Island: 5 % Florida Realtors - Naples-Immokalee-Marco Island: 6 % Florida Realtors Petersburg-Clearwater: 7 % Florida Realtors
- Cape Coral-Ft. Myers: 6 % Florida Realtors
- Naples-Immokalee-Marco Island: 5 % Florida Realtors
- North Port-Sarasota-Bradenton: 4 % Florida Realtors - US$ 469,000: median price paid by international buyers (compared to US$ 395,000 for existing homes in general in Florida) Florida Realtors
- 67 %: portion that paid cash (against 50 % among all international buyers in the USA) Florida Realtors
- 74 %: percentage of buyers who intended to use the property for vacation, residential rental or both uses Florida Realtors
- 54 %: proportion that purchased single-family units Florida Realtors
- 93 %: proportion of international buyers who have visited Florida at least once before making a purchase
- 67 %: percentage of buyers who came through referrals from personal contacts, professionals or former clients
- 23 %: interviewees who mentioned clients (non-US residents or citizens) looking to buy property abroad
- 41 %: proportion of respondents who speak a language other than English
- 66 %: proportion who said they "had no problems" when dealing with international buyers
Source: Florida Realtors