Florida Again Dominates International Home Buying Activity

by | Tuesday, July 10, 2012

International buyers from Europe and other regions accounted for about 15 percent of Florida’s real estate sales before the 2007 recession, and they’ve represented the bulk of cash buyers in recent years. Now Europeans with extra cash are looking to invest even faster in second homes in Florida before the value of the Euro drops further.

Many cash buyers from Europe are investing in areas where they can rent out their homes and condos for a gain. This leaves out many communities with tight rental restrictions.

Florida Accounts for 26% of International Sales

Consistent with this trend, Florida remains by far the top state in the nation for international buyers. The just-released National Association of Realtors 2012 Profile of International Home Buying Activity shows Florida accounts for 26 percent of all foreign home purchases in the U.S. California ranks second with only 11 percent of international sales followed by Arizona and Texas (7 percent) and New York and Georgia (4 percent).

International buyers continue to view the U.S. as a desirable place to own property and make a profitable investment. The 6-year slide in U.S. home prices has spurred what many outside the United States view as an opportune time to make a smart investment. Total residential international sales in the U.S. for the past year ending March 2012 equaled $82.4 billion, up from $66.4 billion in 2011.

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