Florida property 'a favourite with foreign buyers'

Florida property is proving increasingly popular with overseas buyers who are helping to strengthen the state's real estate market.

According to a report from the National Association of Realtors, 22 per cent of all foreign buyers in the US opt for Florida property, putting it significantly ahead of California, which came second with 12 per cent.

It has been suggested that the "bargain basement" prices available in Florida at the moment, combined with the weak dollar, have continued to lure overseas buyers.

Speaking to the Palm Beach Post, realtor Craig Fialkowski, of Herman Group Real Estate in Palm Beach Gardens, said that the majority of international buyers buy Florida property unseen and with cash as they want to get a great deal on an investment property they can get a good rental yield from.

"Buyers want a decent return on investment," he said. "The cash flow can be really good."

Speaking to A Place in the Sun magazine last month, chief executive officer of Orlando-based firm Coldwell Banker Feltrim, Garrett Kenny, said that Florida's reputation as a tourist hotspot makes it a popular destination for Brits buying property abroad.
 

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