Find out more about where international customers are coming from and what they're buying in the Sunshine State. Plus: Florida international buyer profiles.
ORLANDO, Fla. – October 23, 2023 – Florida Realtors® releases its latest report on the state’s international buyer and seller transactions, the 2023 International Residential Real Estate Activity Profile. The number of sales of Florida residential real estate to foreign buyers from August 2022 to July 2023 was down 18% compared to the same period last year. Global economic challenges continue to weigh on buyers, as sales levels have not yet returned to pre-pandemic levels. Florida's international buyers also face unusually high competition from domestic out-of-state buyers in a high-price, high-interest environment.
Although sales prices have increased, the amount for international buyers has returned to 2021 levels at $12.6 billion due to a decline in transactions. Dollar trading volume in 2023 was 18% lower than last year's $15.3 billion. Among the countries that bought the most dollars in 2023, Canadians bought the most in dollar terms by a wide margin. The total value of Canadian dollars in 2023 was $2.1 billion. Dollar trading volumes for Colombian, Peruvian and Mexican buyers declined.
Over the past year, soaring prices and rising interest rates have made it difficult for buyers of all kinds to close deals. Approximately 68% of respondents said at least one international customer ultimately chose not to purchase Florida real estate, up from 62% in 2022. The most common reason buyers cited for not signing a contract was the high price of the property (47%). For international buyers looking to buy in the U.S., Florida remains a bargain compared to many other options, but competition for real estate remains fierce and there are few discounts.
Although Florida has strong appeal and a strong reputation around the world, most international buyers want to visit before taking the plunge. In 2023, 93% of respondents visited Florida at least once before making a purchase. This compares to 92% a year ago and 89% in 2021, when international buyers were hampered by travel bans implemented during the pandemic.
Highlights of the 2023 report include:
$12.6 billion
Home purchases (non-commercial) from August 2022 to July 2023 decreased by 18% compared to the previous 12 months. Although sales prices have increased, the amount for international buyers has returned to 2021 levels at $12.6 billion due to a decline in transactions.
19,500
Number of existing homes purchased in Florida by international buyers. This is 5% of existing home sales (down 18% from the previous 12 months level of 23,700)
65%
Percentage of overseas buyers whose main place of residence is overseas (Type A)
Florida's Top 5 Buying Countries by Sales
- Canada (18% of international buyers)
- Colombia (10%)
- Brazil (7%)
- Argentina (7%)
- United Kingdom (4%)
Top 5 international buyers in Florida by value
- Canada ($2.1 billion)
- Brazil ($1.5 billion)
- Colombia ($982 million)
- Peru ($539 million)
- Mexico ($524 million)
Major international buyer destination
Miami-Fort Lauderdale-West Palm Beach (47% of international buyers)
Orlando-Kissimmee-Sanford (14%)
Tampa Street St. Petersburg – Clearwater (8%)
Cape Coral-Fort Myers (6%)
Northport-Sarasota-Bradenton (4%)
Naples-Immokalee-Marco Island (4%)
$416,000
Median purchase price for international buyers ($383,000 for all used homes sold in Florida)
62%
International buyers who paid in full in cash (44% of all U.S. international buyers)
64%
Overseas buyers who plan to use the property for vacation, home rental, or both
53%
Overseas buyers who purchased a single-family home
93%
Percentage of international buyers visited Florida at least once before making a purchase
67%
Percentage of international buyers who were referred to or were former customers by personal and business contacts and former customers
twenty four%
Respondents who reported customers (non-U.S. citizens or U.S. citizens) looking to purchase real estate overseas
45%
Percentage of respondents who speak a language other than English
70%
Percentage of respondents who said they had no problems doing business with overseas buyers
Click the blue button below to download our latest report, the 2023 Profile of International Residential Real Estate Activity in Florida. If you are visually impaired and need assistance reading the full report, please contact the Research Department at 407.438.1400.
