According to an article published in housingwire.com by Kelsey Ramirez, foreign investment in U.S. residential real estate ballooned to 153 billion dollars between 2016 and 2017. The surge in sales represents a new time high, realizing an increase of 49% over 2016 sales. Foreign purchasers bought 284,455 residential properties according to a study conducted by the National Association of Realtors. Sales for 2016 were up a jaw-dropping 32% and accounted for 10% of all residential sales.
Lawrence Yun, National Association of Realtors (NAR) Chief Economist, attributed the phenomenal increase in sales to the globally steadfast belief that the U.S. is the best market in which to invest. “The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year,” Yun stated crediting the global belief in the U.S.’s continued economic growth and political stability as the reason for foreigners’ ongoing confidence in investing in America.
Miami garnered the lion’s share of sales among major U.S. markets of foreign investor largess. The NAR’s survey reported that Miami represented 22% of all purchases made by foreign investors throughout the U.S. Given the significant returns investors are realizing in the Miami property, it’s no wonder that foreign investment interest is still strong. A report prepared by the prestigious World Property Journal revealed that Miami luxury condo sales increased by an astounding 58.6% in May 2018 over the same period in 2017.
Miami continues to lead the nation in foreign property investment. With continued economic growth and a burgeoning population of affluent buyers, that trend is destined to continue well into the future. Learn more about why the Sunshine State, and Miami in particular, is the right place to invest your money in today’s uncertain world. Contact us for more information on these great investment opportunities.