Florida remains one of the most attractive states for foreign property buyers

Florida remains one of the most attractive states for foreign property buyers

According to research data from Coldwell Banker, about every fourth foreign buyer (24% of them) prefer real estate in Florida. This state is No. 1 in the rating of housing markets most popular among nationals of other countries. California and Texas are in the second and third place with 11% and 8% of foreign buyers respectively. They are followed by Arizona (7%) and New York (4%).

In the current year, China accounted for the greatest sales volume among foreign buyers of US real estate, followed by Canada, India, Mexico, Brazil, and Columbia.

Florida and Arizona usually attract buyers from Latin America, Europe, and Canada, who want to purchase real estate in a place with a warm climate and extensive leisure opportunities, a report by Coldwell Banker says. The availability and diversity of residences in these states also play an important role for many overseas customers.

The amount of purchase & sale transactions involving foreign buyers dropped significantly during the pandemic but customers have now returned to the market.

According to the National Association of Realtors, the amount of transactions involving foreign housing buyers hit a historic low in 2021 – the lowest since 2011, the report says. Transactions with overseas buyers accounted for only 1.6% of housing sales compared to the peak value of 5.2% in 2017. The number of transactions has somewhat decreased of late but the value of deals with foreign buyers grew by 8.5%. The cumulative value of such transactions exceeded $59 billion in the first quarter of 2022.

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