Florida Realtors has recently released a detailed report analyzing the market trends as it pertains to international buyers purchasing real estate in Florida. Though pandemic-era restrictions on travel and entry into the country have greatly impacted the Florida real estate market for foreign buyers, the market remains viable throughout the state, including in Monroe County. The report analyzed sales data from August 2020-July 2021. During this 12 month period, approximately 22,500 existing homes were purchased from international buyers, which accounts for 4% of all home sales in Florida. This number is down significantly, in fact 34%, from the previous 12 month span. The overall dollar amount of existing homes purchased by foreign investors was $12.3 billion, down 22% from the previous year. 71% of all foreign investors in Florida purchased real estate as a second home, vacation home, or rental property, as their primary residence remains abroad.
Where are most of Florida foreign buyers hailing from? The overwhelming majority are coming from Canada, which accounted for $1.8 billion of the market share. The rest of the top areas are all South American nations, with Argentina making up $0.9 billion in sales, Colombia with $0.8 billion in sales, and Brazil with $0.7 billion.
Where are they purchasing? Again, there is an overwhelming majority about preferences for where international buyers are purchasing. Over 52% of all international buyers purchased in South Florida - in the Palm Beach, Ft. Lauderdale, and Miami markets. Next was the Orlando area with 10% of buyers, and the Tampa area with 8%. The Florida Keys real estate market is always popular with foreign buyers for its completely unique lifestyle. However, the minimal size of the market in comparison to behemoths like Miami keep it off the list.
Though tourism remains lower than average due to restrictions, industry experts predict that international real estate buyers will pick up again in the coming year. With the mortgage rates still historically low, and the U.S. dollar weaker on the global scene, homes for sale in the Florida Keys and throughout the rest of the state of Florida remain more affordable than ever for international buyers. The global economy is expected to pick back up in 2021 as well. It is likely that we will see significantly more foreign investment in the coming months.