A new report shows that almost half of the newly built condos in South Florida were sold to international buyers over the past 18 months. That’s a big jump and a clear sign that foreign interest in Florida real estate hasn’t slowed down. Even with high home prices, expensive mortgages, and stricter U.S. immigration rules, many people from outside the country are still eager to buy property in the region, especially in places like Miami, Fort Lauderdale, and West Palm Beach.
Latin Americans Are Leading the Way
Buyers from Latin America are responsible for most of the international purchases. They see South Florida as a safe place to invest their money, especially if there is political or financial instability back home. Some are buying homes for vacation or retirement, while others are looking for solid investment opportunities. Developers say the strong demand from these buyers has helped keep the condo market moving, especially when local sales slow down.
Why Florida Attracts Foreign Buyers
Florida has a few key things going for it that make it especially attractive to people from other countries:
- No state income tax, which helps wealthy buyers hold onto more of their money.
- A stable government and economy compared to many buyers’ home countries.
- Good weather, beaches, and a lifestyle that make it a desirable place to live or visit.
- A strong reputation as an international hub, especially for Latin American and European buyers.
All of these factors make Florida feel familiar and welcoming to many people from overseas.
New Construction Projects Are a Big Draw
The report focused on newly built condos, not older resale units. Foreign buyers often prefer brand-new construction because they’re modern, low-maintenance, and offer more amenities. Developers say many of their international customers are paying cash and buying early, sometimes before the building is even finished. This early support helps get construction financed and underway, which is important in a high-cost market.
What It Means for Local Buyers and the Market
While this wave of international buying is great for developers and helps keep the construction industry strong, it may also raise concerns about housing affordability. With nearly half the inventory being sold to foreign buyers, many of whom are wealthy, it becomes harder for local middle-class families to compete. Still, experts say international demand brings important investment to the region and helps keep the economy growing.
