24% of international buyers purchased property in Florida. Find out where foreign investors are purchasing residential real estate in America.
America’s sunshine state isn’t just hot weather wise, it’s also hot with foreign buyers.
Let’s break down the report’s revelations.
International buyers return to America
This last year has seen international buyers purchase 98,600 properties, totaling $59 billion. This follows three years of international investment in American estate lagging. Therefore, this year was an 8.5% increase on the previous 12-month period.
You may love the idea of purchasing in America but be put off by high prices. If you are a Londoner, then making the transition to property in America actually makes sense than you may have thought. The report found that a typical property in London costs $26,262 per square. While, in New York it costs $17,191, San Francisco is $8,250, and the popular Miami is $3,170.
On the Your Overseas Home property portal, prices start at just under $200,000 for a one to three bedroom in Florida.
Who is buying in America?
China and Canada have the highest dollar volume of American real estate. Following them are India, Mexico, and Colombia.
In 2020 to 2021, likely because of the coronavirus pandemic, Chinese buyers sunk to half of what they had been previously.
However, it looks as if the continued covid restrictions and real estate problems in China could see more Chinese buyers turning to America.
Florida’s ceaseless popularity
For not one, not two, not three – but for the 14th year in a row, Florida has been the top destination for international buyers. Florida holds 24% of international buyers.
Interestingly, Chinese buyers are more likely to invest in property in New York and California. Chinese buyers tend to be looking at their property become their primary residence.
Meanwhile, 44% of international buyers purchased a property to use as a vacation home, rental, or both.
States by popularity with foreign buyers:
- Florida – 24%
- California – 11%
- Texas – 8%
- Arizona – 7%
- New York – 4%
- North Carolina – 4%
Popularity isn’t a bad thing. With its pristine beaches, shopping galore, colourful art scene, and delicious cuisine – Florida has owned that number one spot.
And for more information on moving to the USA, download our helpful guide.