International real estate deals in Florida accounted for 22,572 transactions, or 8% of existing-home sales over 12 months through July, representing 9%, or US$6.4B, of dollar value of all existing-home sales: Florida Realtors
October 4, 2013
– International real estate deals made up 8 percent of all existing homes sales in Florida over a one-year period ending in July 2013, according to Florida Realtors®' recently released "2013 Profile of International Home Buyers in Florida." By dollar volume, international real estate transactions made up 9 percent of sales over the same period.
The report is based on an annual study done by the National Association of Realtors® (NAR) in cooperation with Florida Realtors. A total of 977 Realtors responded to this year's survey conducted July 9-Aug. 16, 2013.
For the study, foreign buyers were defined as non-resident foreigners – individuals who purchase property in the U.S. but live here only part of the year. These buyers typically use the property as a rental unit, vacation unit or both.
The international real estate market is important to Florida. Nationwide, 61 percent of all reported foreign sales take place in five states: Florida, California, Arizona, Texas and New York, according to NAR's larger study on international homebuyer activity in the U.S. Of those five states, Florida has the largest share: 23 percent of national sales to foreign buyers closed in the Sunshine State.
For the 12 months ended July 2013, existing home sales in Florida – single-family homes, townhomes and condos – accounted for 327,350 transactions worth $74 billion dollars. Of that total, there were 22,572 transactions worth $6.4 billion dollars to foreigners.
Prices paid by non-resident foreign buyers tend to be higher than domestic buyers, though overall, international sales have been down due to the worldwide recessions, according to NAR.
The complete 2013 Profile of International Home Buyers in Florida can be downloaded on the Research page of Florida Realtors' member website at http://www.floridarealtors.org/Research/index.cfm. Once on the Research page, look under Research Reports on the far right, then under International, and click on the pull-down bar to find the 2013 report.
Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 62 boards/associations.
SOURCE Florida Realtors