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International Buyers Paid in Cash Without Even Visiting the Properties

Foreign Home Buyers Spend 27.6 Percent More on Average in South Florida vs. Nation

Foreign home buyers spend significantly more on real estate than other buyers, and South Florida real estate buyers spend a higher median price than other international buyers in the state of Florida or nationally.

MIAMI international home buyers spent a median price of $373,000 for residential properties in 2018. In comparison, foreign buyers of Florida Realtors members had a median price of $286,500 while foreign buyers in the United States spend $292,400.

Non-resident foreign buyers (Type A), who are non-U.S. citizens with permanent residences outside the United States, accounted for 63 percent of MIAMI’s foreign buyers compared to 39 percent nationally.

South Florida International Buyers Paid in Cash

58 Percent of South Florida International Buyers Paid in Cash

According to the new MIAMI and NAR survey, about 58 percent of all international residential transactions in South Florida were made in all-cash. In comparison, about 47 percent of U.S. buyers paid cash.

South Florida international home buyers prefer condominiums (53 percent) in the central/urban areas (51 percent), which they intend to use mainly as residential rental, vacation home or both (66 percent).

5 Percent of South Florida Foreign Buyers Purchased Homes Without Even Visiting 

About 5 percent of South Florida foreign buyers purchased local homes without even visiting Florida in 2018. About 12 percent purchased with just one visit to Florida; 27 percent purchased with two visits; 22 percent bought after visiting Florida three times.

About 72 percent of MIAMI members worked with an international consumer in the past 12 months. That’s more than three times the national figure of 23 percent.

Survey results reflect MIAMI’s commitment to increasing South Florida’s real estate brand worldwide and the Miami real estate market’s position as a top international destination.

MIAMI has 212 partner organizations worldwide and conducts international outreach on a global level.

The 2018 survey provides information on the international residential transactions of MIAMI members from August 2017 to July 2018.

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