The South Florida real estate market has seen a significant decline in foreign buyers, plummeting to just 10% of purchases in the 2024 fiscal year from 50% in 2018. Factors contributing to this decline include global uncertainty, rising prices, interest rates, and new regulations on condominiums following past incidents. The report indicates that the majority of foreign purchases come from Latin America, with Argentina being the leading country of origin. Most properties bought by foreign investors are used as vacation rentals, showcasing a shift in buyer demographics.
"In some cases, (rising prices in) Miami may have priced out segments of the international market, narrowing the pool to ultra-high-net-worth buyers."
"The share of residential real estate purchases by foreign buyers in South Florida plunged to 10% during the 2024 fiscal year, the lowest level in a decade."
"International buyers were defined in the survey as non-U.S. citizens whose primary residence is abroad, or a non-U.S. citizen who has lived in the U.S. for less than two years."
"The survey found that nearly 60% of foreign buyers of South Florida properties came from Latin America, indicating a pronounced regional interest."
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