Foreign home buyers continue to value Orlando when it comes to buying property in the state of Florida. The National Association of Realtors recently reported that Orlando held steady in 2018 as the #2 destination of choice for Florida’s international home buyers. Nine percent of all the state’s foreign home buyers chose to purchase a property in Orlando.
The realtor group’s 2018 Profile of International Residential Real Estate Activity in Florida found that Orlando area international home buyers in 2018 were mostly from Latin America and the Caribbean (47 percent), Europe (18 percent), and Asia (15 percent.) When it comes to individual countries, investors from Brazil led the way with 20 percent of Orlando’s international transactions, followed by Canadian and Venezuelan nationals with 8 percent each.
Foreign buyers often pay for their home purchases with cash because they may not have the required U.S. credit to obtain a mortgage from a U.S. source. The advantage of using all cash is that buyers can typically take possession of their property more quickly than those who finance their purchases.
International buyers generally buy properties in Orlando for both vacation and residential rental purposes. Buyers from China, Columbia, and Venezuela typically buy properties to generate short-term rental income from tourists on vacation. However, buyers from Canada and the United Kingdom are most likely to buy property to use for their own holiday use.
The Orlando area has a lot to offer foreign home buyers, which is why it continues to be a popular choice. For one thing, Orlando offers residents plenty of entertainment options, including popular theme parks, as well as nightlife, shopping and plenty of sunshine and warm weather. In addition, housing is affordable, investors can generate great rental returns, and the potential for capital appreciation is exceptional.
If you’re interested in buying a second home in Orlando, Team Donovan can help. Our team of European and American born agents are experts at helping foreign nationals buy and sell real estate in Central Florida. We can counsel you on issues like currency transfers, contractors, accountants and tax issues like FIRPTA in a timely, and stress-free manner. Contact us today at 407-705-2616 for a free consultation.