International buyers bolster Florida's housing market
International home purchasers play an integral role in Florida's housing market, according to an analysis of home sales by Florida TaxWatch. "Buying In, An Analysis of International Homebuyers in Florida," highlights the nations that have the highest amount of home purchases in the Sunshine State.
"Florida's real estate market includes a large portion of international buyers, and understanding where these purchasers come from helps us to diversify the economy and strengthen the Florida market," said Dominic M. Calabro, President and CEO of Florida TaxWatch, the independent, nonpartisan, nonprofit taxpayer research institute and government watchdog.
The analysis shows the majority of international investment in Florida's housing market comes from Latin America and the Caribbean, Canada, and Europe. These regions are responsible for nearly 90 percent of the purchase of Florida homes by international buyers.
According to report, international investment in Florida's housing market is a good way to increase tax revenues and provides the opportunity to attract more international business to the state.
"International homebuyers not only bolster Florida's housing market, they also impact Florida's economy as a whole ," said Jerry D. Parrish, Ph.D., Florida TaxWatch Chief Economist. "The sale of Florida homes to international investors increases tax revenue, provides the opportunity to expand tourism, and diversifies the state economy with global exposure."
The report also includes a projected forecast for future international home purchases in the next three years. The analysis projects that Florida is estimated to sell more than 60,000 homes to international buyers through 2016.
Find out where international purchasers are buying homes in Florida:
"Buying In: An Analysis of International Homebuyers in Florida."
Florida TaxWatch is a statewide, non-profit, non-partisan research institute that over its 33-year history has become widely recognized as the watchdog of citizens' hard-earned tax dollars. Its mission is to provide the citizens of Florida and public officials with high quality, independent research and education on government revenues, expenditures, taxation, public policies and programs and to increase the productivity and accountability of Florida state and local government. Its support comes from homeowners and retirees, small and large businesses, philanthropic foundations, and professional associations. On the web at www.FloridaTaxWatch.org.