Foreign Buyers Spent $8.7B in South Florida Housing Purchases

Foreign buyers are buying less U.S. real estate-and that has ramifications for some of the nation’s priciest housing markets. International purchasers spent only about half of what they did on U.

Despite the residential market’s lackluster year, foreign investors spent $7.1 billion on South Florida homes in 2017, up nearly 15 percent from the previous year’s .2 billion. leading the pack in South Florida was Argentina with 15 percent of all foreign purchases last year, according to the Miami Association of Realtors.

If you remember from our previous post on cash sales in the Florida housing market, it has been quite strong since the housing recession began turning around.Indeed, some might argue that international investors have helped reinforce this recovery period. That being said, it seems like the number of homes sold to foreign buyers actually dropped over the course of the year.

What Foreign Nationals Need to Know About Buying Florida Real Estate. Florida real estate has always been attractive to foreign buyers, even before the housing crash that depressed prices for both residential and commercial real estate and made foreign investment in Florida real estate a bargain for many buyers.

The other is so-called flight capital – foreign buyers, often from South American. The last housing collapse in Florida led to an economic contraction much worse than the nation’s, as distressed.

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Brazilians Are Leading Foreign Real Estate Investments in Miami In 2018, there was a 23% increase in activity from foreign buyers in South Florida, with $1.6 billion more spent on homes. More Older.

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“Brazilians spend the most on South Florida properties among foreign consumers, paying an average of $495,000” per property, according to the press release. “On average, Miami’s international buyers.

Overview. Foreign buyers play a significant role in the high-end housing market in South Florida. It has been suspected that many foreign buyers may choose to invest in real estate, because real estate investments can be made anonymously through a shell company.

Sixty percent of international purchases over the past year, accounting for $44.7 billion of US residential property, were made by resident foreign buyers, according to the NAR report. David Green , senior vice president at Douglas Elliman, says many of those foreign students go on to become permanent Boston-area residents after college.