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Key Highlights:
➡️ Florida has been the top state for foreign real estate investment since 2009.
➡️ Foreign buyers purchased $12.6 Billion worth of Florida real estate between August 2022 and July 2023.
➡️ International buyers purchased 19,500 existing homes in Florida, accounting for 5% of all existing home sales.
Florida continues to reign as the top destination for foreign real estate investors in 2024, maintaining its long-held appeal since 2009.
With its sunny climate, high rental yields, strong property appreciation, affordable prices, and vibrant culture, it’s no surprise that international buyers are flocking to the Sunshine State.
In this piece, we explore the latest statistics on foreign real estate investment in Florida and the key reasons behind Florida’s continued dominance.
Table of Contents
17 Key Statistics on Foreign Real Estate Investment in Florida 2024
Here are the top statistics showcasing the impact and trends of foreign investment in Florida’s real estate market.
1. Florida is the #1 destination for foreign real estate buyers, attracting 20% of all foreign buyers in the US.
I support this trend and anticipate Florida will remain the top choice for foreign buyers, with interest likely to grow as rates are lower than last year.
2. Florida has been the top state for foreign real estate investment since 2009.
Florida’s appeal as a prime location for vacation homes and rental properties has consistently attracted the majority of foreign real estate investors, maintaining its lead from 2009 through 2024. The following graph shows Florida’s share compared to other popular states among foreign buyers. [1]
3. Foreign buyers purchased $12.6 billion worth of Florida real estate between Aug 2022 and Jul 2023.
Total foreign residential real estate transactions in the US reached $53.3 billion in 2023, with Florida representing a substantial portion of $12.6 billion (23%) [2]. This year, the total has decreased to $42 billion, yet Florida still captures the largest share (20%) of foreign investment in residential properties. [1]
This year, foreigners purchased 54,500 existing homes, equating to 54,500 foreign buyers. Given Florida’s 20% share, that’s approximately 10,860 purchases in the state. With a median purchase price of $475,000 for foreign buyers, the total dollar volume of foreign real estate transactions in Florida reaches an estimated $5.16 billion in 2024. [1]
4. International buyers purchased 19,500 existing homes in Florida, accounting for 5% of all existing home sales.
In 2024, foreign buyers purchased 54,300 homes in the US, a decrease from 86,400 homes in 2023. [1] Comparatively, the 19,500 existing homes purchased by international buyers in Florida represent a significant portion of the total sales, highlighting Florida’s importance in the foreign real estate market. [2]
5. 65% of foreign buyers in Florida have their primary residence outside the US.
Florida’s warm weather and hot rental yields, averaging 13% for short-term rentals, draw foreign investors from around the globe. This interest is evident in the fact that 65% of foreign buyers reside outside the US, demonstrating the viability of purchasing Florida real estate even without residing in the country.
Many of these buyers acquire vacation homes for both rental income and personal use, taking advantage of the opportunities Florida’s real estate market offers. [2]
6. Top foreign buyers in Florida come from Latin America (35%) and Canada (27%)
Latin Americans and Canadians lead as the top foreign buyers in Florida, accounting for 35% and 27% of purchases, respectively.[2]
This preference highlights Florida’s status as a prime location for vacation homes and rental properties.
7. Florida is the most popular state for foreign buyers from:
Florida continues to be the top destination for foreign real estate buyers, with Colombians leading the way—an impressive 77% of Colombian buyers in the US chose property in Florida.
Canadians followed, with 41% of their US property purchases in the state, drawn by the warm climate and rental yields. Indians also show a growing interest, with 11% of Indian buyers opting for Florida. [1]
8. Canadian purchased $2.1 Billion worth of residential real estate in Florida.
Here are the top countries by foreign residential real estate investment in Florida. [2]
9. 47% of foreign buyers purchased a property in Miami-Ft. Lauderdale-West Palm Beach.
Here are the popular Florida destinations for foreign buyers. [2]
10. 35% of foreign buyers come from Latin America/Caribbean.
Here are the leading regions from which foreign real estate buyers are originating in Florida.
11. International buyers paid a median price of $416,000 in Florida.
In 2024, International buyers in Florida paid a median price of $416,000, compared to $383,000 for all existing home sales in the state. [2] While Florida’s median price for international buyers is lower than the national median price of $475,000, it still reflects a robust market with affordable home prices. [1]
12. 62% of international buyers in Florida paid all cash.
A notable 62% of international buyers in Florida made all-cash payments, which is significantly higher than the national average of 44%. [2]
This shows limited awareness about US mortgage options available for foreign buyers. In 2024, 32% of potential buyers cited property costs as a barrier to purchase, while 17% reported difficulties in obtaining financing. [1]
Many countries lack programs for overseas investments; however, the US offers investment mortgage programs for foreign buyers, even those without US credit history, and does not require personal income verification.
13. 64% of foreign buyers in Florida intend to use their property as a vacation home, a rental, or both.
Reflecting their reputation as snowbirds, nearly half (52%) of Canadian buyers plan to use their property exclusively as a vacation home, while 43% of UK buyers share a similar intention.
Conversely, Argentines (66%) and Colombians (47%) are among the nationalities most likely to use their purchases solely as rentals.
Notably, Brazilian buyers stand out among the top five international buyer countries, with 29% planning to use their property as a primary residence. [2]
14. 53% of international buyers in Florida chose single-family homes.
A majority of 53% of international buyers in Florida chose single-family units. Buyers from Brazil, the UK, and Canada primarily purchased detached single-family homes, while Argentine buyers exhibited a stronger preference for condominiums, reflecting their inclination towards the condo-heavy markets in South Florida.
Additionally, 43% of Florida’s international buyers opted for properties in central city or urban areas, motivated by their intent to generate rental income.
15. 93% of international buyers visited Florida at least once prior to making a purchase.
Florida’s strong appeal and positive reputation globally encourage most international buyers to visit the state prior to making a purchase.
In 2023, 93% of respondents reported visiting Florida at least once before buying, slightly up from 92% in the previous year. This figure marks a significant increase from 89% in 2021, a time when travel bans due to the pandemic restricted international travel.
16. Florida offers affordable property prices compared to major global metro cities.
Florida stands out for its affordable property prices relative to other major global cities. For instance, high-cost international locations such as Hong Kong ($18,845 per sq. meter), Singapore ($17,610), and Zurich, Switzerland ($17,495) are among the most expensive.
In comparison, top Florida metro areas like Naples-Immokalee-Marco Island ($4,920 per sq. meter) and Miami-Fort Lauderdale-West Palm Beach ($3,620 per sq. meter) provide a more accessible entry point for foreign investors. [1]
17. Florida has a rental yield of 13% for short-term rental properties.
Most real estate purchases in Florida consist of short-term rental properties.
With an average daily rate of $279.50 and a 51% occupancy rate, leading to an annual gross income of $51,316.
Considering the average home value of $393,698, the rental yield reaches 13%. This yield surpasses many countries, including the US average rental yield of 8%.
Florida’s real estate market remains highly appealing to international buyers due to its affordability, strong rental yields, and positive reputation. The trend of purchasing properties as vacation homes or rentals underscores the state’s attractiveness, making it a prime destination for real estate investment.
At HomeAbroad, we ensure the reliability of our content by relying on primary sources such as government data, industry reports, firsthand accounts from our network of experts, and interviews with specialists. We also incorporate original research from respected publishers when relevant. Discover more about our commitment to delivering precise and impartial information in our editorial policy.
We utilized the latest available data sources to compile this report and will promptly update it as new information becomes available.
[1] International Transactions in U.S. Residential Real Estate 2024
[2] Profile of International Residential Transactions in Florida 2023
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