Four of the ten U.S. metro areas with the most significant year-over-year declines in home prices are in Florida, with Miami experiencing the steepest drop at 12.4%. However, despite market challenges, Florida remains a hotspot for international real estate investors, with significant interest from abroad.
In fact, median prices in the Magic City remain 50% higher than pre-pandemic levels, and between August 2023 and July 2024, international buyers contributed a total of $7.1 billion in residential purchases in the Sunshine State. So, although the market has seen shifts, Florida’s global appeal remains strong.
During this period, 10,900 existing homes were purchased by international buyers, accounting for 3% of all existing home sales. Notably, 69% of these buyers had their primary residence outside the United States, highlighting the state’s allure as a global destination.
Canadian buyers led the way, making up 17% of international sales and spending $1.3 billion, the highest among foreign investors. Argentina (10%), Colombia (7%), Brazil (6%), and the United Kingdom (5%) followed.
Top destinations for these buyers included Miami-Ft. Lauderdale-West Palm Beach, which attracted 49% of all international buyers.
International buyers showed a strong preference for higher-value properties, with a median purchase price of $469,000—well above the $395,000 median for all Florida existing homes. Additionally, 67% of these purchases were made in cash, significantly contrasting the 50% all-cash rate seen nationally among U.S. international buyers.
Many foreign investors are looking for properties they can use for personal and rental purposes, with 74% intending to use their Florida homes for vacations, residential rentals, or a combination of both.
