Investor Presentaiton
Reasons Client Did Not Purchase
Higher prices and rising rates prohibited buyers of all kinds from
closing deals over the past year. Roughly 68% of respondents
reported at least one of their international clients ultimately chose
not to buy a Florida property, up from 62% in 2022. Cost of
property was the top reason cited (47%) as the reason buyers did
not close.
Scarcity of available listings-another difficulty affecting both
domestic and international buyers-was the second-most cited
issue among respondents. Thirty-two percent of respondents
whose international buyers did not close on a property cited the
inability to find a property to purchase as a contributing factor.
Other factors preventing purchases were cited less frequently,
ranging from condo fees and exchange rates (both 24%) to a loss
of home-country benefits (2%).
Visits to Florida Before a Purchase
Florida has strong appeal and a positive reputation worldwide, yet
most international buyers still want to visit before taking the plunge.
In 2023, 93% of respondents visited Florida at least once before
making a purchase. This compares to 92% the previous year and
89% in 2021 when international buyers were hindered by travel
bans in place during the pandemic.
Prospective Buyer Visits Back to Normal
Percent of Respondents Who Reported International Buyers Visited
Florida at Least Once Before Purchasing a Property
93%
2018
93%
94%
93%
92%
89%
2019
2020
2021
2022
2023
Larger Share of Prospective Buyers Getting Cold Feet
Share of Respondents with Any International Client Deciding Not to Purchase
67%
65%
64%
62%
62%
68%
2018
2019
2020
2021
2022
2023
Rising Prices, Lack of Inventory Prevent Purchases
Reasons Client Did Not Purchase Property (Multiple Selections Allowed)
Cost of property
47%
Could not find property to purchase
32%
Condo fees
24%
Exchange rate
24%
Cannot move money
17%
Insurance costs
15%
Could not obtain financing
12%
Immigration laws
11%
Property taxes
9%
U.S. tax laws
5%
Loss of home country benefits
2%
Other
14%
Don't know
6%
2023 Profile of International Residential Transactions in Florida
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