Miami, Florida – According to the Miami Herald, foreign buyers spent $10.71 billion in Florida real estate during the year ending June 30.
Canadian buyers are the #1 nationality to buy Florida real estate, accounting for 31% of all foreign real estate sales in Florida. While Canadians buy real estate throughout the state of Florida, their favorite Florida areas to buy include:
- Southwest Florida (Sarasota, Bradenton, Venice) is the #1 area for Canadians buying Florida buy real estate, accounting for more than 14% of their purchases
- Miami and Fort Lauderdale area is #2 at 12.9%
- Naples and Marco Island area is #3 at 11.9%
Latin America Buyers
Latin American and Caribbean buyers are responsible for 35% of all foreign real estate sales in Florida.
Top spots for Latin American buyers included Miami, Miami Beach, and Fort Lauderdale.
Western European Buyers
Western Europeans are responsible for 22% of all foreign real estate sales in Florida.
In this group, buyers from the United Kingdom totaled 5% of all foreign purchases.
Foreign Buyers are Cash Buyers
Approximately 82% of foreign real estate sales were all cash. In contrast, 87% of U.S. homebuyers used financing to purchase real estate, according to the National Association of Realtors.