By Brosda and Bentley Realtors
Florida has long held its status as a top destination for foreign real estate investment, a trend that persists and even strengthens, according to the National Association of Realtors’ (NAR) 2023 Profile of International Transactions in U.S. Residential Real Estate. Impressively, 23% of all U.S. home sales to foreign buyers are in the Sunshine State, solidifying Florida’s position as the top choice for international investors for the 15th consecutive year.
Looking deeper into the specifics, the 2023 Florida Realtors’ annual Profile of International Residential Real Estate Activity in Florida reveals that more than half (47%) of all international home sales in Florida are concentrated in the Miami-Fort Lauderdale-West Palm Beach metropolitan area. This concentration underscores the global appeal of South Florida, making it a focal point for international real estate transactions.
Florida’s prominence in the international real estate market is further highlighted by the fact that one in five U.S. international home sales transpires within the state. Notably, half of these occur in the vibrant Miami metro market, solidifying the city’s standing as a magnet for global investors. South Florida, as a whole, captures around 11% of all global home sales in the entire United States annually, showcasing its significance on the international real estate stage.
One of the key factors contributing to Florida’s allure is its affordability, especially when compared to other global cities. According to the 2023 Knight Frank Wealth Report, Miami remains a bargain for prime properties valued at $1 million and above. For the same price, homebuyers can acquire 64 square meters of prime property in Miami, a figure significantly higher than Monaco, New York, London, Paris, Sydney, Tokyo, and more. This affordability has played a pivotal role in attracting investors seeking high-value properties at a comparatively lower cost.
Taking a broader perspective, the NAR 2023 International Study emphasizes that South Florida, particularly the Miami-Fort Lauderdale-West Palm Beach area, is a cost-effective choice across all price ranges. With a price per square meter at $3,170, South Florida stands in stark contrast to numerous global cities and U.S. metros where real estate prices are considerably higher. Notable examples include Hong Kong, New York City, San Francisco-Oakland-Hayward, CA, Madrid, Los Angeles-Long Beach-Glendale, CA, and Seattle-Tacoma-Bellevue, WA.
In essence, Florida’s enduring appeal to foreign buyers is underlined by its consistent ranking as the top destination for international real estate investment in the United States. The combination of affordability, diverse offerings, and a thriving real estate market has solidified the state’s position as a global hotspot for those seeking both residential and investment opportunities.
If you’re looking for a real estate agent in Miami, I encourage you to contact Brosda & Bentley Realtors. We’re here to help you find your dream home and make your life in Miami an unforgettable experience.