According to the National Association of Realtors, a whopping 8% of all home purchase transactions made in Florida over the past year involved a foreign national buyer. The study took place from July 2012-June 2013 and also reflected that an amazing 23% of ALL foreign buyers in the US choose to buy in Florida.
Let’s take a look into why, shall we?
The typical Foreign Home Buyers in US will purchase the home as either a vacation residence or rental property. With Florida being one of the most popular vacation destinations in the world, you can surely see the reasoning behind foreign buyers wanting to own a piece of the Sunshine State for their families to retreat to during the winter months.
Big Money in Rentals
In addition to Florida being a huge draw for foreign home buyers in US, it also offers terrific value from an investment perspective. Why now more than ever? Because of the large number of foreclosed homes in the State of Florida specifically, there has been a huge demand for rental properties that has lead to an increase in average rent charged. That means buyers can now yield an even higher return on their investment than ever before!
Location, Location, Location
International buyers choose to invest in Florida largely because of it’s convenience to other countries. International flights to Florida are typically much cheaper than the other US states, and offer shorter travel times for Latin American home buyers (Venezuelans made up 8% of all Florida transactions).
Good Weather, eh?
Canadian home buyers have always loved to purchase in Florida and that trend continues to reign true. The primary reasons? The beautiful weather and tons of state-wide attractions.
If you are one of the many foreign home buyers in US, there IS financing available. Just fill out a quote request and you’ll be matched up with a bank that lends to foreigners.