Florida is the champion in real estate purchases by foreigners in the US

The state of Florida has become the number one destination in the United States for foreign homebuyers over the past 14 years, with the second highest number (24%) of total transactions in 2022 and Miami-Dade County the most attractive (67%) last year.

Foreign home purchases in Florida continued to be one of the drivers of the US real estate market in 2022, to the point of keeping this southern state as the main shopping destination, with Argentines (16%), Colombians (13%) and Canadians and Peruvians (both with 8%) leading the statistics.

Miami-Dade County is followed in volume, but far behind, by Broward (27%), north of Miami, and Palm Beach (2%), according to the 2022 report published by the Miami Association of Realtors, which has around 60,000 real estate professionals in the south of the state.

During the period from August 2021 to July 2022, 77% of foreign buyers in Miami made their vacation or rental purchases, compared to 44% nationally.

The Miami Association of Realtors notes that US$6.8 billion of residential properties were purchased, up 34% from US$5.1 billion in 2021.

Experts predict that despite inflation and rising interest rates, the South Florida housing market will remain strong in 2023, thanks in large part to foreign buyers, primarily from Latin America.

With information from Gazeta do Povo

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