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South Florida Remains Popular Among Foreign Home Buyers

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Foreign investors spent $5.1 billion on residential real estate in the state in 2021.

According to a report published by the Miami Association of Realtors and the National Association of Realtors, international demand for residential real estate in South Florida remained relatively high in 2021. Despite the pandemic and global travel bans. In particular, the Miami real estate market is showing a new record growth.

From August 2020 to July 2021, foreign buyers purchased residential real estate in the amount of $5.1 billion, which is only 9% lower than the record level of $5.6 billion in the previous year.

More than half of all international home sales in Florida over the last fiscal year were in Miami, Fort Lauderdale and West Palm Beach. They are followed by Orlando and Tampa with a market share of 10% and 8%, respectively. In addition, Florida accounted for 20% of all international home sales in the U.S. in 2021, according to the National Association of Realtors.

According to the report, the decline in international demand is much more pronounced in the rest of the state and in the whole country. Foreign buyers spent $12.3 billion on home purchases in the last fiscal year across Florida, down 22% from a year earlier. And the volume of sales in the United States in the 12 months to July decreased by 27%, to $54.4 billion, according to the report.

Meanwhile, the rapid rise in US housing prices has broken another record. And the sales of secondary realty are growing again.

Since the US allows vaccinated foreigners to come to the country, the pent-up demand and the weakening of the US dollar are likely to lead to an increase in international sales in South Florida, especially in Miami.

"The fact that the level of international purchases in South Florida will remain almost at the level of last year, despite restrictions and bans on international travel, speaks to the incredible stability and attractiveness of this market," said Jennifer Wollmann, the chairman of the Miami Association of Realtors.

"International buyers most often go to Miami because it is a world-class city with better real estate prices than in other similar global locations."

Also read:
The 100 Best American Cities to Live, Work and in General
3 Factors That Affect the Real Estate Market in the US
Undervalued Markets. Real Estate Investment in the US

Source: Mansion Global

Photo by Antonio Cuellar

Quoting conditions of Prian.info materials

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