Why Are International Investors Flocking to Florida?

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The dollar volume of residential purchases by residents and non-residents is estimated at $ 92 billion for the 12 months ended March 2014, a 35 percent growth from the previous year. 

This accounts for approximately 7 percent of total existing home sales of about $ 1.2 trillion over the same period. 

The continued recovery in the countries of origin of international clients as well as the healthy pace of growth in China and the appreciation of some currencies against the U.S.dollar such as the Chinese yuan and British pound appear to have enhanced the affordability of purchasing U.S. property. 

International buyers who generally pay cash were also reported to have an advantage over buyers obtaining mortgages under stricter credit standards. U.S. home prices remain affordable in comparison to the peak level prior to the Great Recession of 2007-2009. 

Canada, China, India, Mexico and the United Kingdom remain as the major sources of buyers in terms of number of transactions; Canada ranked first. In terms of dollar value of sales, China ranked first, because Chinese buyers purchased more expensive homes than was the case for Canadian buyers.  

In terms of location, Florida, California, Arizona, Texas, and New York are the top preferred locations based on the number of reported purchases. 

The bulk of international purchases are all cash sales for single-family homes intended to be used for residential purposes. Location appears to be the primary factor affecting residential home purchases, depending on the buyer’s employment, vacation preferences, family, educational, and investment objectives.