Tuesday, June 9, 2009

Foreign Investors Show Confidence in Florida’s Real Estate Market Recovery

While some U.S. buyers may still be uncertain whether or not it is time to step off the fence and buy their dream home or condo in Florida, international investors are showing increased confidence in an early Florida real estate market recovery and are quickly taking advantage of the deeply discounted prices. Foreign buyers continue to recognize the U.S. real estate market as a desirable, profitable and secure investment and the weak U.S. dollar partnered with the housing surplus has made the U.S., and particularly the Florida, real estate market even more attractive, according to an article by the Gerson Lehrman Group.

According to a recent survey by the National Association of Realtors, in cooperation with the Florida Association of Realtors, half of the Florida Realtors surveyed indicated that more than 25% of their business now comes from international clients. These foreign investors come from all over the world and have shown a particular interest in the Tampa Bay, Sarasota-Bradenton, Orlando, and Miami-Ft. Lauderdale areas.

Showing a high demand for Florida properties, Canadian buyers account for more than 25% of recent sales to foreign investors, United Kingdom buyers account for 21% and Latin American buyers account for another 17% of recent real estate sales to international clients. The state of Florida, and in particular, the Southwest region of Florida, is benefitting extensively from this influx of international real estate investors.

This increase in interest from international real estate investors further suggests that buyers who delay in taking advantage of Florida’s record low real estate prices may find themselves paying considerably more for the same property is just a few short months. Rock bottom prices are becoming more difficult to find in the Tampa Bay region and property are staying on the market for much shorter periods of time, providing evidence of recovery in our local real estate market.

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