Why So Many Foreign Nationals Are Buying Real Estate in South Florida
What makes real estate in Florida so special for foreign investors? There are many factors why international buyers are attracted to purchasing real estate in the US and South Florida in particular.
1) Conditions are favorable for international buyers when it comes to owning US property, with the South Florida real estate market well on its way to recovery. Due to the decrease in inventory, demand is increasing and prices are on the rise.
2) Foreign investors are becoming more and more aware of the profitable opportunities available in South Florida and want to take advantage of local affordability combined with world class amenities in an area with universal appeal.
3) A weak U.S. dollar can be good news for foreign real estate investors. Investors from countries all across the globe are realizing that their investment funds can earn them a far greater profit when invested in South Florida. Compared to prices in their home country, foreign investors can often buy much more real estate for their money in the U.S. Additionally, management and repair costs are often lower in America, saving foreign investors even more. In other words, international buyers purchasing in South Florida often find it to be cheaper than in their home country and a better value overall.
4) There are very few differences required of a foreign versus a US buyer when purchasing South Florida real estate. For example, foreign buyers do not necessarily need to be present in the US during the purchase. Rather, the new owner can provide his or her representative with a “Power of Attorney” and the representative will have the right to close the deal on behalf of the new owner.
5) Buying in South Florida can provide proximity to a foreign investor’s home country, the presence of relatives and friends living locally, the availability of job and education opportunities, and the ability to enjoy our incredible climate.
With so many positives for foreign investors, is it any wonder why so many international buyers are choosing South Florida properties as a way to invest their money safely and profitably?