In early November we began to welcome the first international tourists back to Southwest Florida. Many who weren’t able to travel to the U.S. since late 2019 due to Covid travel restrictions are finally reuniting with families and friends again for the first time in twenty months.
Sarasota Bradenton International airport says International travelers normally make up 10% of the passenger traffic.
This not only brings a positive impact to our local businesses but also another expected new wave to our real estate market.
For years international homebuyers have made up a good part of home sales in the Florida market and have attracted more foreign buyers than any other state for the 13th consecutive year in a row. International demand is rising due to the backlog of scheduled relocations in the past eighteen months. In fact, twenty two percent of all homes purchased by international buyers in the U.S. were in Florida, according to the National Association of Realtors (NAR) 2021 Profile of International Transactions in U.S. Residential Real Estate Report.
Despite the increase in our area’s home prices, Florida is still reasonably priced compared to other global markets. In addition, the real estate buying process in the U.S. is easier and more favorably structured in comparison to various other countries. For international buyers, Florida provides a safe, stable real estate market.
Florida’s top foreign buyers include Canada, the United Kingdom, Europe, Latin America, and Asia/Pacific.
The Sarasota and Naples markets are among the top Florida markets for foreign buyers because coastal locations, strong luxury markets, and diverse communities strongly appeal to international buyers. While inventory continues to be a challenge for most buyers, the NAR report states that nearly sixty-six percent of foreign buyers paid all-cash. As more foreign buyers return to the Florida housing market, we should see the demand for homes stay strong in our area.
