Industry News

Foreign buyers chomp on U.S. real estate

United Kingdom, Latin America chase Florida properties

The Florida real estate market has an international following, according to the Florida Association of Realtors trade group. International buyers account for 15 percent of total home sales in the Florida residential real estate market, according to a study conducted for the trade group by the National Association of Realtors. This study marks the first attempt to quantify the trend in international buyers. Of the 986 Realtors who participated in the 2005 Profile of International Home Buyers in Florida survey, 87 percent reported that they did at least one home sale transaction with international buyers in the previous 12 months (from May 2004 and May 2005). About 66 percent – of those Realtors who brokered foreign-buyer purchases noted that one to four of all their transactions were with international clients. Altogether, the Realtors surveyed closed 1,844 home sale transactions to non-U.S. buyers. Highlights of the survey findings include: Most buyers chose South Flori...