The Tampa Bay real estate market continues to be among the favorites of international real estate buyers, particularly Canadian, Swedish and British buyers. This is based on the Florida Realtors’ report titled Profile of International Home Buyers in Florida 2015.
Of the total international sales of Tampa Bay homes over the 12-month period ended June 2015, Canadian buyers accounted for 31%.
Canadian buyers — 31%
British buyers — 19%
Swedish buyers — 12%
Florida metro areas preferred by Canadians:
Bradenton-Sarasota-Venice — 29%
Palm Beach — 19%
Tampa-St. Petersburg-Clearwater — 17%
Fort Lauderdale — 9%
cape Coral-Fort Myers — 9%
Naples-Marco Island — 6%
Miami-Miami Beach — 4%
Florida metro areas preferred by the British:
Orlando-Kissimmee — 44%
Tampa-St. Petersburg-Clearwater — 22%
Bradenton-Sarasota-Venice — 15%
Palm Beach — 8%
Ocala — 6%
Florida metro area preferred by Western Europeans (except the British):
Miami-Miami Beach — 27%
Cape Coral-Fort Myers — 13%
Fort Lauderdale — 12%
Tampa-St. Petersburg-Clearwater — 10%
Bradenton-Sarasota-Venice — 7%
Orlando-Kissimmee — 6%
Naples-Marco Island — 4%
Palm Beach — 3%
Florida Real Estate Market
Over the years, FLORIDA has been a favorite of international home buyers. About one-fourth of U.S. residential real estate properties sold to foreign buyers are Florida properties.
Home sales to foreign buyers also account for a significant part of Florida residential sales. Over the 12-month period ended June 2015, a total of 44,000 residential properties were sold to foreign buyers, representing 12% of Florida’s residential real estate sales for the same period. Nationally, the share of residential real estate sales to foreign buyers was 4%.
In US dollar terms, the impact of international sales on Florida real estate is even more highlighted, as 24% of Florida’s residential sales over the said 12-month period, a sales total of $23.7 billion, accounted for sales to foreign buyers. The average price of a home purchased by foreign buyers was $538,600, more than double the average price of $258,200 in Florida’s residential real estate market.
Reasons for Foreigners’ Preference for Florida Real Estate
. About 63% of foreign buyers said Florida residential properties are less expensive than comparable properties in their home countries.
. About 51% of foreign buyers said that Florida investment properties are more profitable. Several surveys have shown that most foreign buyers acquire properties for rental purposes.
. About 41% of foreign buyers like Florida’s desirable location — which means good weather, beautiful beaches, waters for boating and fishing, amazing greens for golfing — things that fit their vacation and investment purposes.