Buyers from other countries pay increasingly more for Florida real estate

Buyers from other countries pay increasingly more for Florida real estate

Data from the industry group Florida Realtors suggests that the median price paid by foreign buyers of Florida residential properties was $347,300 in 2021, which is 33.1% more than a year before.

According to the group’s statistics, last year Canadians were at the top of foreign nationals purchasing homes in this state. They accounted for 19% of such transactions, which is considerably less than in 2019, when they accounted for 23% of foreign buyers.

The situation in the rental market is no better. This April, the Florida Atlantic University published a review of 107 largest retail estate markets. It turned out that the rent grew the most in Fort Myers, a city historically popular among vacationing Canadians: by 32.4% compared to the same period in 2021.

In Southeast Florida, including Palm Beach, Broward, and Miami Dade counties, the rent surged by 31.7% too. A similar study by showed that the rent in this region increased by 28% over the past year.

The demand for rental homes is extremely high in Florida. People who would like to spend the winter months in a soft climate, basking in the warm sun on the oceanfront, are now booking accommodation for 2024. Ann Meyerson, a licensed realtor, says that her clients have to take all offers, including those with 6-month rental terms.

The situation is exacerbated by the growing cost of living in the USA. Specifically, in Florida this indicator is 0.3% higher than the national average, according to the Composite Cost of Living Index published by the Missouri Economic Research and Information Center. Groceries are the most expensive item in the Sunshine State: they are 5.6% more expensive than the country average. Prices of essentials and luxury goods are now almost 9% higher than a year ago.

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