Despite a decrease in international property purchases in 2024, Florida’s market remains a prime destination for global buyers. Here’s an overview of the latest trends affecting international real estate activity in the Sunshine State.
While Florida Continues to Shine, Global Challenges Persist
The latest 2024 Profile of International Residential Real Estate Activity by Florida Realtors®, authored by Jennifer Warner, highlights significant shifts. Although the world is in post-pandemic recovery, challenges such as geopolitical uncertainties and tight monetary policies have slowed progress. This is evident in Florida’s tourism numbers: Canadian visitors have decreased by 16% in 2024, with only a modest 10% increase from other overseas regions.
Key Market Insights for International Buyers
Decline in Sales: International property purchases in Florida dropped by 44% from August 2023 to July 2024 compared to the previous year.
Dollar Volume Drop: International buyer transactions decreased by 54% since 2022’s peak of $15.3 billion, down to $7.1 billion in 2024.
Rising Prices and Fees: Increased prices and condo fees have made deals difficult, with 67% of international clients reconsidering purchases. The median purchase price among international buyers was $469,000, higher than Florida’s overall median.
Top Buyer Countries and Locations
Canada leads the market, with other key buyers from Argentina, Colombia, Brazil, and the United Kingdom. Popular areas include Miami-Fort Lauderdale-West Palm Beach, with almost half of all international purchases, followed by Orlando, Tampa, and Cape Coral.
Buyer Preferences
Florida’s appeal remains strong for international buyers seeking vacation homes or rental properties:
All-Cash Purchases: 67% of international buyers made all-cash deals.
Single-Family Homes: 54% purchased single-family homes.
Repeat and Referral Clients: Many international buyers are referrals or previous clients, underscoring Florida’s strong reputation.
Despite higher costs, Florida remains a top choice for international investors.
Credits: Jennifer Warner, Economist and Director of Economic Development for Florida Realtors®