Miami has long been a melting pot, where people from all over the world live and work. At a recent seminar, we discussed the trends of foreign nationals and what that means for us in Miami.
The top 10 countries buying locally are : 1. Canada 2. China 3. Mexico 4. The UK 5.India 6. Argentina/Brazil 7. France 8. Germany 9. Japan and 10. Russia
In 2007, 10% of sales in Florida were to foreign nationals, 9% in 2008, 23% in 2009, 22% in 2010 and 31% in 2011. This year, one in three sales / $12.7 billion, have been to foreigners, with 86% being nearly cash deals. In Miami, Fort Lauderdale and Miami Beach, sales amount to $3.81 billion so far.
A lot of the people buying in South Florida are international – investors and vacation home buyers. Other buyers include families relocating to the area for business opportunites as well as buyers who wish to own a second home in the area.
If you are looking to buy in South Florida, or wish to sell your house, the Restivo Team would like to help. We work with all kinds of buyers and sellers, from the International ones to the ones relocating to or from Miami, or those who are making an in-city move. Contact us today.
