South Florida real estate isn’t beckoning foreign buyers like it once did.

The share of residential real estate purchases by foreign buyers in South Florida plunged to 10% during the 2024 fiscal year, the lowest level in a decade and a dramatic decline from 50% in 2018, according to a Miami Association of Realtors report .

The findings were based on responses of nearly 2,400 real estate agents in Broward, Palm Beach, Miami-Dade and Martin counties to an online survey sent to about 60,000 members. The survey measured purchases from August 2023 to July 2024.

Bonnie Heatzig, South Florida-based executive director of luxury sales at Compass Real Estate, attributed the decline to a number of factors, including global uncertainty, currency pressures and new condo regulations imposed in resp

See Full Page