Florida real estate has always been attractive to international buyers. With rock bottom prices and the decline of the U.S. dollar, Florida is the #1 choice in the United States for foreign investor purchases. Florida Realtor magazine recently published statistics regarding Foreign investor purchases in the state:
- 51% purchased single family homes
- 37% purchased a condo
- 11% a townhome
- 38% purchased in a suburban area
- 30% in a resort area
- 25% in a within a major city
- 7% in a small town
- 81% of International buyers paid cash in 2010
The majority of international buyers plan to use their home less than 6 months out of the year.
With 2 out of 3 realtors in the state claiming to have at least one International buyer in the past year, many Realtors are trying to capitalize on the foreign investor buyer segment. If you are a Realtor interested in growing your global niche you may not have to go as far as you think. Florida real estate is the major target for foreign buyers with the predominant buyers being Canadian, European and Latin American.
Obstacles you need to consult with your international buyers
- State property taxes
- U.S Property & Tax laws such as FIRPTA – Foreign Investment in Real Property Tax Act
- Visa regulations
- Currency rates
- Mortgage availability and complexities
Before diving you advertise yourself as an international property specialist, check out these sites to help you understand the complexities and differences.