In 2018 ListGlobally recorded a near 28% increase in the number of foreign consumer leads expressing their interest in international properties. It is no surprise that the U.S. is among the top countries for foreign property buyers to buy property.
Foreign buyers interest in North America
Foreign consumers that displayed the greatest level of interest in U.S. properties were Chinese consumers at seven percent (7%). French consumers accounted for five percent (5%) of total consumer interest, and UK citizens made up one percent (1%) of total consumer interest.
When it comes to the most interesting states in the United States we saw that New York receive the most interest at twenty nine percent (29%). California and Florida were close behind with twenty two percent (22%), and twenty one (21%) respectively.
As a state, Florida was among the most interesting states for foreign buyers. Indeed, Florida received a total of 21% of all consumer interest recorded from ListGlobally for properties in the United States in 2018.
Among the factors that explain this trend, we cannot escape the Brexit dealings in Europe which has pushed some interest west. Millennial consumers also play a significant role, expressing interest in purchasing investment properties globally.
Who are the foreign buyers in Florida?
In 2018, the greatest interest from inquiring buyers for properties in Florida came from China at 25%, Italy at roughly 24%, and the UK at close to 5%. Top markets for foreign consumer interest in Florida were Orlando, Fort Lauderdale, Tampa, Miami and Palm Beach.
During 2018, in the United States, we recorded an average price of $448,000 USD, and the French were the one’s that were ready to spend more money on property.
In Florida, the average price of a property that received inquiries from foreign property buyers was $670,647 USD, which suggests that foreign buyers have a strong interest in luxury properties in Florida markets. The British are the big spenders with an inquiring price of $653,366 USD.
In 2019, Florida will continue to seduce foreign buyers. We predict that foreign buyer interest in Florida’s real estate will continue to rise in 2019. ListGlobally’s President of North America, Byron Burley believes this is partially due to trade relations between Canada and the U.S. and the U.S. and China.