Wealthy Foreign Buyers Expected to Flood Luxury Markets With Travel Restrictions Lifted

Foreign purchases of real estate across the country have been down significantly across all markets in the past two years. International buyers typically make up a large portion of the luxury real estate markets in various cities including New York, Los Angeles and Miami. A common thread when analyzing the typical foreign investment in the United States tends to be the ocean - most international buyers purchase in areas near the water. This is the main reason why Florida was usually the prime target for international buyers before the pandemic, on average accounting for 20% of the total number of purchases by foreign buyers.  Areas like Palm Beach, Miami, and the Florida Keys luxury real estate markets are prime for buyers from overseas looking to live near the ocean. The pandemic greatly slowed the foreign real estate investment markets in Florida, however, with the number of purchases by foreign investors down 34% from the span of August 2019-July 2020 to the following year.

The tide is set to turn, however, in the coming weeks. The United States just lifted travel restrictions on 33 countries for vaccinated individuals. The problem was that during the pandemic, international buyers could not enter the United States to preview, purchase, or visit investment real estate. These restrictions severely hampered the real estate industry as most foreign buyers would not purchase properties that they could not see or visit. Now, however, the borders are opening up for many of the top countries who tend to purchase in America. Real estate brokers across the country are fully expecting a massive flood on the luxury markets as these travel restrictions are lifted. This will be the first time in 20 months that buyers from areas around Europe, China, Brazil, and India will be able to access these markets in person, and brokers anticipate a rush on luxury markets in California, New York, and throughout Florida as pent-up demand has been growing from buyers during these 20 months. Analysts predict billions of dollars flooding the markets in the coming months.

The primary target for international buyers are luxury coastal markets. With the number of luxury oceanfront properties for sale in the Florida Keys, it is easy to anticipate that a good deal of the Florida market for international buyers will include the Florida Keys. The luxury market here includes everything from private islands for sale, to waterfront Florida Keys mansions for sale, to private beachfront enclaves with their own private marinas. Everything that a foreign investor could want is currently listed for sale in the Florida Keys, just waiting to be purchased!