Florida: The epicenter for foreign investors

2021 was one of the most fruitful years for real estate for Florida. From 1993 until last June, Miami Dade County had not registered such a notorious increase in residential sales. During this period, the demand for real estate in Florida has grown, making way for foreign buyers, mainly from Latin America.

Real estate acquisitions in Orlando have grown significantly, whether for residential, vacation, or business reasons, and the truth is that Orlando has many real estate projects in different areas that promise future renovations and innovations. Such is the case of the fast train project that will link Orlando with Tampa and Miami.

There has been a general reactivation in Florida’s real estate sector for the last two years due to a stream of purchases that came along with the increase of vaccination rates. According to the National Association of Realtors, the United States recorded more than $54 billion in residential real estate purchases, primarily by foreigners. Of these purchases, 65% were in suburban areas, and 42% were vacation properties.

In 2021, the state of Florida continued to be the top destination for real estate investment. Twenty-one percent of foreign buyers made a real estate purchase in Florida, and of those buyers, 34% were Latin American.

Just as property sales increased, the amount of real estate also remained tight. Last year, the real estate market had a 1.2 month supply of single-family properties and a 1.8 month supply of apartments and townhouses.

So far, 46% of foreign buyers in Florida are Latin American, and most of them see the purchase of a property in the United States as a long-term investment. So, if you are thinking of buying real estate in the US, Orlando, Florida is the place. Contact us, and we will guide you through the whole process.