Florida commercial real estate drawing international interest

Florida commercial real estate drawing international interest

Property in the United States is increasingly being purchased by international buyers. The Florida commercial real estate market, in particular, is drawing interest abroad. The fact that the Sunshine State is a hot spot for buyers may give confidence to those who are interested in selling their Florida properties or buying property in a highly valued area.

Besides Florida, other parts of the country that are attracting buyers include the Southwest and Northeast. The nation's capital is also a popular area to make purchases. Not only are buyers targeting commercial properties, but they are also focusing on residential properties as well.

The countries that are most aggressive in buying U.S. properties include China and Canada. For the year ending in March 2014, China purchased $22 billion worth of residential property in the United States. Meanwhile, Canada bought nearly $14 billion worth of property and is primarily buying in Florida. Canadians who spend their winters in the United States are allowed to remain here under a particular visa that lets them stay on American soil for 180 days in the span of a year. Meanwhile, the Chinese are mostly staying under one called an EB-5 that gives them permanent residency full time as long as they spend $500,000 on U.S. development projects.

Navigating a real estate transaction can be complex, often involving lending and negotiation. Taking the wrong steps can delay a deal or even cause it to fail. An applied knowledge of laws pertaining to commercial real estate law may enhance one's chances of seeing a deal through successfully in Florida.

Source: floridaweekly.com, "Chinese purchases of U.S. real estate are skyrocketing", Jeannette Showalter, Nov. 5, 2014