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| Image Source: pakmediablog.net |
Recent reports note that Canadian investors account for the biggest group of buyers of Florida homes. Figures from Florida realtors show that 31.6 percent of all international transactions in the state were made by Canadians, and this specific demographic spent more than $2 billion on properties. The second biggest group of international buyers originated from the United Kingdom, and these investors account for only 7 percent of all the purchase.
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The lure of Florida to international buyers may be in its relatively inexpensive market rates. And Canadians seem to be banking on forecasted positive real estate growth in the nation. These investors purchase rural tracks of land at significantly discounted rates and see their property increase in value after a few years. The technique seems to be paying off even among investors who buy homes instead of land. Most Canadian investors come to the Florida for a vacation, and after seeing how affordable homes are in the state, decide to invest. And financial analysts laud the amount of patience these international buyers have. Compared to the typical local investor, Canadians seem to be more willing to wait out their return on investment. And this holds true despite local economic fluctuations. These characteristics, combined with Florida’s reputation for being a laid-back community and an ideal place for those who wish to retire, make the trend more understandable. Still, some industry observers express their hesitations in having a single country dominate such a huge percentage of the international real estate buying market.
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Financial advice on real estate transactions is the specialty of Clarence Butt of CTV Capital. For more information on the latest real estate news, follow this Facebook page.
