We’ve written previously about Americans fleeing high-tax areas like New York and Connecticut for Florida. Many of these so-called “tax refugees” are CEOs and hedge fund managers who are buying up ultra-luxury real estate in the $10 million to $50 million range (and creating a run on private school spots in the process). But U.S. citizens aren’t the only ones scooping up property in the Sunshine State.
According to the National Association of Realtors’ latest Profile of International Residential Real Estate Activity in Florida, foreign buyers outlaid $22.9 billion for real estate in the state in 2018. This number was actually down from the previous year as a result of appreciated home values and a strong dollar making for poor exchange rates. Still, those headwinds were only enough to shave 5% from the total dollar amount, and all signs point to increased activity in 2019 and beyond, as we will show.