International buyers bolster Fla.’s housing market

TALLAHASSEE, Fla. – June 19, 2014 – International home purchasers play an integral role in Florida’s housing market, according to an analysis of home sales by Florida TaxWatch. “Buying In, An Analysis of International Homebuyers in Florida,” looks at the nations that have the highest amount of home purchases in the Sunshine State.

The report projects that Florida will sell an estimated 60,000-plus homes to international buyers through 2016.

Most Florida international investment in the housing market comes from Latin America and the Caribbean, Canada and Europe – nearly 90 percent of Florida home purchases by international buyers.

“International homebuyers not only bolster Florida’s housing market, they also impact Florida’s economy as a whole,” says Jerry D. Parrish, Ph.D., Florida TaxWatch Chief Economist. “The sale of Florida homes to international investors increases tax revenue, provides the opportunity to expand tourism, and diversifies the state economy with global exposure.”

“Florida’s real estate market includes a large portion of international buyers, and understanding where these purchasers come from helps us to diversify the economy and strengthen the Florida market,” says Dominic M. Calabro, President and CEO of Florida TaxWatch, an independent, nonpartisan, nonprofit research institute.

The report – Buying In: An Analysis of International Homebuyers in Florida – can be downloaded through the Florida TaxWatch website.

© 2014 Florida Realtors®

Reprinted with permission. Florida Realtors®. All rights reserved.

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