International real estate transactions rise
Orlando rose up the ranks in 2016 to become the No. 2 destination of choice for Florida’s international homebuyers, according to the National Association of Realtors’ “2016 Profile of International Homebuyers In Florida.” Twelve percent of Florida’s international homebuyers opted to purchase a property in Orlando, up from 8 percent in 2015.
And, Orlando’s current 12 percent share of foreign buyer activity is slightly higher than its 10 percent share of Florida’s existing home sales all together.
“The international real estate market is crucial to Orlando’s real estate industry and overall economy,” said Orlando Regional Realtor Association President Bruce Elliott, Regal R.E. Professionals Services LLC. “There were approximately 47,000 Florida homes sold to foreign nationals in 2016. Orlando’s 12 percent of those sales calculates out to 5,640 closings.”
International buyers also contribute significantly to Orlando’s dollar volume statistic. “Foreign buyer purchases involved higher priced homes and accounted for 19 percent of Florida’s total residential dollar volume during the study period,” Elliott said. “That same 19 percent equates to $1.6 billion when applied to Orlando’s $8.6 billion worth of home sales in 2016.”
Orlando is second in international homebuyer preference only the Miami-Fort Lauderdale-Miami Beach area, which drew a whopping 52 percent of all Florida international transactions. The Tampa-St. Petersburg-Clearwater area came in third with 8 percent.
In 2015, Orlando tied with Tampa for third place; each of those areas garnering 8 percent of Florida’s international sales last year. Miami dominated with 36 percent, while Fort Lauderdale was second with 14 percent.
There are five primary countries of origin for Florida’s international homebuyers: Argentina, Brazil, Canada, United Kingdom, and Venezuela. Out of those five, Orlando ranks as the collective top purchase location of choice for those from one country (Brazil), and the number two pick for the homebuying populations of another three countries.