SW Florida has always been a destination among foreign buyers for decades. The mix sometimes changes based on the economies of both the US and the Foreign countries. There always is a shift from time to time on the mix of just who comes here to purchase homes. Here is the current list:
In 2016, there were 5 states here in the US, that were the top destination’s for international buyer’s according to NAR [National Association of Realtors] :
Florida 22%….California 15%….Texas 10%….Arizona 4%….New York 4%
If you were to examine Florida a little closer, you will find the Cape Coral/Fort Myers area ranked #4 in destinations for foreign home buyers within the state. Orlando…Miami…Tampa, were the top 3 ahead of our market.
The next part of the evaluation, is to see where these international buyer’s are coming from by geographical location:
Europe 41%…[Western Europe in particular}….North America 39% [Particularly Michigan, Indiana, Ohio, and that general region of the north]….Latin America & Caribbean 8%….Asia 6%.
And if you wanted to examine this a bit closer, in order to break it down by country:
Canada 39%….Germany 20%….United Kingdom 7%….Norway & Switzerland both at 4%….Other areas 21%.
While the foreign buyers are entering our market, whether its due to currency exchange rates, a long time desire to live in America, an investment decision, or all 3 combined is not known. However there also has been a swing upward in the number of Americans setting out to foreign countries. The #1 destination currently for overseas purchases by these Americans is in Central & South America.
This mix shifts sometimes over the years, as well as even within a 1-2 year period. The only constant in real estate is that its ever changing. In a recent article I read last week, our international airport reported 1,252,124 passengers went thru the gates in May 2017. That is about a 2% increase over the same period in 2016. So once again SW Florida remains a destination among foreign as well as domestic buyers.