The Sunshine Move: Global Opportunities in Florida
Don’t write off global as a fruitful niche. Global and domestic economic and political trends influence foreign buyer behavior in Florida.
When Ruben Sanchez sees the construction cranes and lot preparations across Miami, he feels optimistic that a resurgence of global buyers is on the way.
“Foreign buyers are big drivers of the preconstruction luxury market in Miami, especially among buildings selling for well over $1,000 per square foot,” says Sanchez, a broker and international real estate advisor with DoMI Real Estate Advisors in Miami. “Foreign buyers want to invest in preconstruction buildings because they know the dollar is safe for the long-term, and they like that they can pay cash over a period of time instead of in a lump sum.”
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While some global buyers will use these properties as second homes, many want to buy with today’s dollars and then sell in two or three years to diversify their investments, Sanchez says.
“They want to get their money into the U.S. now before the dollar goes up more and before property values increase,” Sanchez says.
Approximately 20% of all real estate purchases by foreign buyers in the U.S. are in Florida, and nearly half are in the Miami-Fort Lauderdale-West Palm Beach area, according to the 2024 Profile of International Residential Real Estate Activity.
The top reason cited by international buyers for their purchase was a desirable location (43%), and about half of buyers in the state purchased for the investment potential for either profitability or security.
Still, just 3% of existing-home purchases in Florida between August 2023 and July 2024 were made by foreign buyers, and the number of sales transactions with international buyers declined by 44% compared to that same period 12 months earlier. Numerous factors influence foreign purchases, including global economic and political tensions, along with higher costs and the threat of hurricanes.
“Every year we've had a tumultuous election, it has taken a toll on the real estate market,” says Shane Spring, a Realtor® with The Keyes Company in Fort Myers.
Back-to-back hurricanes and the higher cost of living in Florida are deterrents to international buyers, too. But in the weeks following the election, Realtors® saw an increase of interest among potential buyers.
“The hurricane debris got picked up, and the clarity after the election is helpful for the market,” says Tami Cashi, a real estate professional with Coldwell Banker Realty in Lakewood Ranch.
Realtors with a strong pipeline of international business say that taking the time to research where buyers come from in your market is worthwhile, since it can lead to a broader network of relationships and transactions.
“The U.S. and the rest of the world are a global village,” says Vilma Lopez, an agent with Omega Real Estate in Fort Lauderdale. “If you can make connections overseas, work with international developers and make even one client happy, you’ll get more referrals.”
Most international buyers in Florida (74%) plan to use their purchase as an investment rental and/or a vacation home, up from 64% in 2023, but that varies according to their country of origin.
Here are some international markets to look at:
Canada
Canadian buyers, the largest group buying in Florida, are the most likely (60%) to use their property purely as a vacation home rather than for rental income.
“Even though Canadians are one of our biggest buyer pools, currency and affordability issues have led them to buy in other parts of Florida because South Florida is too expensive,” Sanchez says. “They’re also moving to other parts of the U.S. that are less costly, such as Arizona.”
The largest group of foreign buyers in Southwest Florida are Canadians, Spring says. They are also the largest pool of foreign buyers in Lakewood Ranch near Sarasota, Cashi says.
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Argentina
Argentinians (64%) and Colombians (69%) were among the most likely to purchase exclusively for use as a rental property rather than a vacation home, according to the Florida Realtors report.
“The economic and political situation around the world is an important piece of why foreign buyers are looking at Florida,” says Loreley Fajer, a broker with Fajer International Realty in Miami. “Investors appreciate the solid economy and the security of investing in Florida. They want to invest here as future protection of their assets, move here for security or send their children here to live or study.”
Fajer, whose husband is Argentinian, has an office in Argentina because of the volume of business there.
Colombia
The third-largest group of foreign buyers is from Colombia, most of whom are investors looking for a stable economy. Political instability in Colombia has led to Colombians buying more property in the Miami area than people from any other country, Sanchez says.
“Local currencies are often weak in Latin America, so people with money are looking for a place to invest for safety,” Lopez says. “Most of my foreign buyers purchase a vacation home and rent it to others when they’re not using it or rent it full-time to long-term renters.”
Brazil
Buyers from Brazil, Latin America’s largest economy, have consistently looked to Florida for investment opportunities. These buyers are more likely to choose new-construction properties, says Manuela Hendrickson, a broker with Global LifeStyle LLC in Pinellas.
“They tend to purchase properties as an investment and rent them out for the income,” she says.
Even in parts of Florida that don’t have direct international flights, such as the Panhandle, foreign buyers from Brazil and other countries often relocate from other regions to be near friends and family, says Sabine Robertson, broker-owner of Sea Haus Realty in Santa Rosa Beach.
“Overall, we have more people from Latin America in our market than from other parts of the world,” Robertson says. “Exchange rates have been the biggest issue slowing down foreign purchases here, especially for Latin Americans.”
UK
Close to half (43%) of UK buyers plan to use their home for a vacation rather than for an investment. Buyers from the UK like to use their homes in the summer, especially if they have kids, and then they rent them for the winter, Tami Cashi says.
“We target buyers from the UK and Ireland and have been on trade missions to London and Dublin to network,” says Lori Cashi, an agent with Coldwell Banker Realty in Lakewood Ranch. “There was a little slowdown last year and a lack of commitment by buyers who wanted to wait and see what would happen with the economy and the election.”
“Homeowner’s insurance and car insurance is expensive, and so are utilities, especially if you have a pool,” Hendrickson says.
Venezuela
Fewer Venezuelans are purchasing property in Florida, in part because of the 2023 state law that restricts people from that country and six others from buying agricultural property or property within 10 miles of “critical infrastructure.”
"That law restricts purchases close to military bases, which is an issue in the Panhandle,” Robertson says.
The law also limits Venezuelans from purchasing in Miami, Sanchez says, because of the proximity to the international airport and ports, but people from other countries have made up for that market.
Europe
The number of Europeans buying homes in Southwest Florida has declined, Spring says, in part because of fear of hurricanes and how to prepare for them from overseas. Still, he says he’s seeing more Eastern Europeans recently, along with people from Belgium and Sweden. He recently went on a trade mission to Ireland and anticipates more business from that opportunity.
“Europeans tend to buy vacation homes that they will use two or three times a year since they typically have more vacation time than Americans,” Hendrickson says.
Lopez says more of her buyers come from Europe than in the past, in part because of the stronger economy there.
“Many of them want to invest in business in Florida and open an office as well as have a residence here,” Lopez says.
Despite the challenges posed by global economic conditions, political uncertainty and Florida’s rising costs, foreign investment in the state’s real estate market remains strong, driven by vacation homebuyers and long-term investors. Savvy real estate professionals who cultivate global connections and adapt to shifting market trends continue to find opportunities.
Florida’s appeal as a stable and desirable destination endures, and as economic conditions fluctuate, international buyers will likely remain an integral part of the state's housing market. By staying informed and proactive, Realtors® can position themselves for success in an evolving global landscape.
Michele Lerner is a Washington, D.C.,-based freelance writer.