The 2020 pandemic reduced the number of foreign buyers of US homes, but now this trend is reversed. Real estate experts note that the stream of overseas buyers has surged by 30% lately. Miami condominiums are the property type that is particularly popular among them.
Over the past three months alone, buyers’ interest in Florida properties returned to the pre-pandemic level. This rebound is mostly due to foreign, not local customers. Buyers from other countries are coming to the US market again, realtors say.
The National Association of Realtors notes that the volume of purchases by foreign buyers in the USA was only $54.4 billion in April 2020 through March 2021—the lowest since 2009. However, it rose to $59 billion from April 2021 through March 2022. One of the reasons for such a spike is the fact that some nationals of other countries strive to purchase a property in the US market at a more affordable price. The terms of buying residential and commercial facilities in Florida are now very favourable due to acceptable prices and an increasing supply despite the record-high demand for real estate.