Florida residential real estate market drawing foreign interest

Florida residential real estate market drawing foreign interest

Florida’s current real estate market isn’t just attracting local people and individuals around the country. The residential real estate market in the Sunshine State is actually putting the state on buyers’ radar worldwide. The state captured more than 20 percent of international purchases in the United States recently, researchers said.

Foreign buyers are highly interested in the United States in general these days. Their purchases increased 35 percent at the end of the year ending this past March. The total value of these sales was more than $92 billion during this period, a huge increase from the more than $68 billion counted the previous year.

China was the leader among foreign countries that bought American real estate. The country accounted for almost a quarter of foreign purchases during this same period, up from 19 percent the previous year. People from Asia and other parts of the world, such as Europe and Latin America, have been increasingly targeting Florida. In fact, China is showing a special interest in Florida lately; buyers from this country are particularly focused on purchasing luxury waterfront houses as well as condos. Still, Europe accounts for most of Florida’s purchases.

America’s residential real estate market is so attractive to foreign buyers for a myriad of reasons. For instance, they see the U.S. market as economically stable and are drawn to the nation’s housing prices. Understanding today’s relevant laws can help those who are interested in taking advantage of the current market to successfully execute deals that allow them to invest in their futures.

Source: Miami Herald, "Florida leads nation in international real estate sales", Martha Brannigan, July 8, 2014