Foreign Buyers are Integral Part of Florida Housing Market

The overall economy of Florida is mostly dependent on the revenues earned through Real Estate Business in the State. In fact, among the States of the USA, it is Florida that sees the highest number of home purchases almost every year. The natural beauty of Florida along with the availability of all kinds of modern facilities is what attracts most of the customers in Florida. What is quite staggering is that Florida housing market doesn’t only attract local buyers, it attracts lots of foreign customers as well. In this way Florida has been able to bring in foreign investment in its housing market.

Florida Housing

“Buying In, An Analysis of International Home buyers in Florida”,  by Florida TaxWatch, reports that Florida Housing market has a huge number of international buyers. According to the report, most of the buyers come from the Latin American countries as well as the Caribbean States. The report also shows that only 10% of foreign investments in Florida housing market come from countries outside of the regions of Latin America and the Caribbean.

According to the report published by Florida TaxWatch, foreign investment in Florida Real Estate Business plays an important role in generating tax revenues for the State which, in turn, affects the economy of the State in a positive way. Jerry D. Parrish, Chief Economist of Florida TaxWatch states that “International Home buyers not only bolster Florida’s housing market, they also impact Florida’s economy as a whole”. He also states that the opportunity to sell homes to international buyers also gives the State the opportunity to expand its tourism sector and diversify the economy of Florida with global exposure.

The report also predicts home purchases of Florida in the next 3 years. The analysis of the report shows that Florida is going to sell more than sixty thousand of homes to the international buyers only by 2016.