Florida has solidified its status as a magnet for foreign investors interested in the U.S. real estate market. The 2023 report from the Miami Association of Realtors revealed that the Sunshine City attracted buyers from 52 different countries.
Foreign buyers make up 18% of the real estate market in South Florida, a figure that far exceeds the national average of 2%. The leading investors hail from Colombia and Argentina, representing 15% and 14%, respectively.
Omar Jiménez-Cano, a seasoned real estate advisor with experience in property investments in both Florida and Panama, shared with Infobae the reasons behind this trend. "The current global instability, especially in Latin America due to political situations, generates a fear that drives investors to seek safer markets," explained Jiménez-Cano.
He also highlighted the profitability of the real estate market in the state, thanks to its favorable tax policies. These advantages have been recognized by celebrities like Jeff Bezos, Donald Trump, Lionel Messi, Luis Suárez, and former soccer player David Beckham, who have made Florida their home.
The central and southern regions of the state are experiencing significant growth in sectors such as capital management, financial services, and banking.
Jiménez-Cano also commented on the requirements for foreigners who wish to acquire properties in Florida. He noted that it is essential to demonstrate stable income, have no criminal record, and, if purchasing with cash, ensure that the money has a clear traceability to avoid issues with tax authorities.
He warned that many Hispanics in the United States prefer to avoid debt, but in his view, it is important not to fear market fluctuations. Real estate "always goes up," making it a very stable business.
Key Considerations for Foreign Real Estate Investors in Florida
For those interested in investing in Florida's booming real estate market, here are some frequently asked questions and expert answers to help guide your decisions.
Why is Florida an attractive market for foreign investors?
Florida's real estate market is attractive due to its favorable tax policies, political stability, and high profitability. Additionally, the state's central and southern regions are experiencing growth in financial services and capital management sectors.
What are the main requirements for foreigners to purchase property in Florida?
Foreign buyers need to demonstrate stable income, have no criminal record, and ensure their money has clear traceability if purchasing with cash to avoid issues with tax authorities.
Which countries are the leading investors in Florida's real estate market?
The leading investors in Florida's real estate market come from Colombia and Argentina, representing 15% and 14% of foreign buyers, respectively.