Until 2008, California was the leader in international sales. Since 2009, Florida is at the front of the pack with almost one-third of international transactions. A majority of Florida’s international deals took place in the Miami-Miami Beach market. Experts plan international transactions to be even stronger in the next few years.
At the moment, 15% of the international sales are done by Venezuelans which represent the number one market followed by Brazil with 12%, Argentina with 11% and Canada with 10%. The rest of the pie is shared between France & Mexico with 5%, and Italy & Spain with 4%. The survey also indicates that Indian and Chinese buyers are emerging in South Florida.
83% of the realtors declare having dealt with foreign buyers this year. Even more striking is the fact that, for 26% of realtors in Miami, foreign real estate transactions account for half of their business. International customers are very attractive to realtors since they often buy cash. According to the latest statistics, 85% of Brazilians, 91% of Canadians, 90% of Western Europeans and 88 % of Venezuelans paid cash their property. Another attractive asset of these international buyers is that they acquire more expensive properties. On average, a regular sale in Miami is around $180,000 whereas it goes up to $222,000 for foreigners.