2023

© Florida Realtors®, All rights reserved.

Profile of International Residential

Transactions in Florida

Who Is an International Client?

The term international client refers to two types of clients:

- Non-resident internationals (Type A): Non-U.S. citizens with

permanent residences outside the United States. These clients

typically purchase property as an investment and/or for vacation, or

In August 2023, online survey invitations were sent to about 238,000

Realtors across the state of Florida. A total of 5,275 Realtors

completed the survey from August 9 through September 25, of which

1,104 reported a closed international buyer transaction during the

reference period. Respondents were asked about their real estate

activity over the period of August 2022–July 2023, and were asked

detailed questions about the characteristics of the most recent

transaction.

To correct for over- or under-response from Realtor members in each

metropolitan area, the sample distribution of respondents was

.

The contents of this report should be cited with proper attribution

From 2005 to 2021, Florida Realtors

®

Realtors

investment trends in Florida residential real estate, including sales

volume, characteristics of international buyers, and challenges and

contributions in producing this vital source of information about

This year’s 2023 Profile of International Residential Transactions in

Florida report presents information from Florida Realtors

regarding residential transactions with international clients closed

during the 12-month period of August 2022 to July 2023. For the

survey results presented in this report, the year 2023 refers to this 12-

month period, and the year 2022 refers to the period of August 2021-

Economic Environment

Economic recovery from the pandemic has been steady, but global activity

still falls short of pre-pandemic levels. Multiple headwinds causing sustained

drag stem from both long-term issues including the war in Ukraine and more

acute issues like central bank monetary policy to combat inflation.

As such, global growth is forecast to slow from the 3.5 percent observed in

The U.S. dollar strengthened significantly relative to most other major world currencies in CY2022. This trend peaked near year’s end, however, and the

dollar has been generally been weaker so far in CY2023. Still, over the broader period of August 2022-July 2023, international buyers who purchased

Florida residential real estate needed to dig deeper into their pockets much more so than the prior period of August 2021-July 2022. Florida home prices

have appreciated considerably, but compared to other global cities are comparatively inexpensive. U.S. real estate remains a safe haven which

encourages investment during times of economic concern. Ranges of what the median Florida home would have cost an international buyer using the

currency lows and highs during the survey timeframes for each respective 12-month period are presented below.

International tourism in the U.S. has

rebounded since reopening began in

Market Trends

more difficult consideration.

Buyers are facing a dearth of

existing home inventory and as

such, prices are holding steady at

or near their high-water mark.

Along with higher interest rates,

buyers are facing higher monthly

payments than in years past.

Florida has undergone a

particularly stark increase in home

single-family home inventory was

still 24% lower than February 2020,

before the pandemic began.

Statewide, the median sale price

for a single-family home reached

$420,000. All Florida metros saw

continue to see growth in the

median sale price comparing the

current survey period (August

2022-July 2023) to the prior year,

International buyer purchases of Florida residential properties (i.e., single-

family homes, townhouses, condos, and co-ops) between August 2022 and

July 2023 declined 18% compared to the prior 12-month period, in terms of

sales counts. Pent-up demand may have burned off in 2022, resulting in a

stunted 2023. Challenges in the global economy continue to weigh on

International buyers whose primary residence is in another country (Type A)

made up 65% of Florida’s international buyers. This is in line with the past

two years with Type A representing 73% of Florida’s international buyers in

2022 and 71% in 2021. The U.S. on whole has a smaller share of Type A

buyers purchasing real estate across the country. In 2023, it was 49%.

U.S.

Regional Origin of International Buyers

National Origin of International Buyers

Dollar Volume of International Buyers

volume in 2023, Canadians purchased the most in dollar

terms by a significant margin. In total, Canadian dollar

volume in 2023 was $2.1 billion.

previous year to $1.5 billion. Dollar volume decreased for

the most important factors in bringing about these

declines.

Primary Residence of International Buyers

U.S.

vacation home was 64% in 2023, which is down slightly from the 72%

True to their reputation, Canadian buyers are naturally snowbirds, with

International Transaction Change and Outlook

The same share of Florida Realtors

international client in 2023 as in 2022 and 2021. Nationally, the fraction of

Realtors who worked with an international client fell slightly to 16%

(compared to 17% last year).

Twenty-one percent of those who worked with an international client

closing deals over the past year. Roughly 68% of respondents

reported at least one of their international clients ultimately chose

not to buy a Florida property, up from 62% in 2022. Cost of

not close.

domestic and international buyers—was the second-most cited

Florida has strong appeal and a positive reputation worldwide, yet

most international buyers still want to visit before taking the plunge.

In 2023, 93% of respondents visited Florida at least once before

making a purchase. This compares to 92% the previous year and

89% in 2021 when international buyers were hindered by travel

bans in place during the pandemic.