About 40% of property purchased by foreign buyers in Miami is acquired with the intention of it being a vacation home. Because foreigners are limited as to how long they can stay and how often they can come to the States, many choose to buy property that can be rented out short (or long) term.
Some 20-25% of foreign investment property is purchased strictly as income property …
NAR (National Association of Realtors) reports that of the property purchased by international buyers for personal use:
12% plan to use the property for personal use more than 6 months per year
33% plan to use the property for personal use 3-6 months per year
23% plan to use the property for personal use 1-2 months per year
16% plan to use the property for personal use less than 1 month per year
and the remainder are undecided.
Looking to invest in Miami? Contact local real estate experts Vicki and Alexandra Restivo at EWM Realtors here or by phone, text or email … restivo.v@ewm.com 305 793-1365
