Foreign Home Buyers Are Flocking to Florida

As reported today in the Sun-Sentinel, Foreign investors are hunting for housing deals in the United States, lured here by falling prices and a dollar in decline.

As detailed in today’s paper, Florida is a top target for international buyers. Fifteen percent of all Florida home sales now involve foreign purchasers, and 65 percent of agents in the Sunshine State said they had overseas clients, according to a 2007 survey by the National Association of Realtors.

“The U.S. is still an attractive place to own real estate. There’s prestige involved,” said Iverson Moore, spokesman for the group. “Home prices are relatively low compared to other countries, and the investors perceive there is value there.”

Homes in the United States typically cost half of similar-size properties in major European markets, Moore said Friday. In addition, the dollar’s purchasing power has dropped by about 40 percent compared with the euro during the past few years.
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