Foreign buyers injected $5.1 billion into South Florida residential real estate this year, experiencing a $1.7 billion decrease from the 2022 total of $6.8 billion, as the Miami Association of Realtors reported. This dip reflects the overall cooling of markets after the pandemic-induced frenzy.

While both domestic and foreign purchases declined, international buyers maintained their South Florida market share at 18%, engaging in 6,200 home transactions. Miami-Dade accounted for 72% of the foreign buyer sales volume, totaling $3.7 billion, followed by Broward at $1.1 billion and Palm Beach at $270 million.

The continuing pandemic, travel restrictions, especially for many Latin Americans who were unable to travel to the U.S., and legislative shifts have impacted foreign real estate investment dynamics in South Florida. Notably, Florida Gov. Ron DeSantis signed a bill earlier this year imposing significant restrictions on the areas where certain international investors can purchase property.

(source: therealdeal.com, picture: Ryan Parker)