There is a great deal of foreign investment in the Floridian housing market, with foreign buyers purchasing over 24 billion U.S. dollars worth of residential property in 2017. In that year, 38 percent of foreign buyers in Florida bought residential property in order to rent it out, while 23 percent intended to make the home their primary residence. Condominiums were the most popular kind of home purchased by foreign buyers.
Miami Beach, Florida is one of the most famous and popular beach communities in the United States. A two bedroom house in Miami Beach cost around 555 thousand U.S. dollars in the fourth quarter of 2018. A condominium of with the same number of bedroomscost about 426 thousand U.S. dollars. In 2017, the most expensive neighborhood of Miami for luxury residential property was South Miami Beach, where haut de gamme properties cost nearly 2,000 U.S. dollars per square foot.
Rental property is also a major part of the Floridian residential property market, with cities such as Fort Lauderdale generating about 2,770 U.S. dollars on average per traditional rental unit. West Palm Beach is one of the most profitable towns for rental property in Florida, with a capitalization rate for long-term rentals properties of eight percent. As a state known for being sunny and warm year round, it is unsurprising that about 50 percent of rental apartments in Miami come with a swimming pool.