Our neighbors to the north are not the only ones who are purchasing waterfront property in the state. Buyers come from Asia, the United Kingdom, and South America. Some Middle Eastern countries are even contributing to the rather large pool of foreign real estate investment purchases. If you're wondering why this is happening, there are some very good explanations.
Florida Beachfront Real Estate is a Prime Investment
One of the more obvious reasons for foreign investors to purchase beachfront property is it's a guaranteed, healthy, return on investment. Beachfront property is prime real estate and many savvy and affluent investors like owning something that isn't subjected to the stock market. They can rent it, vacation there, and even relocate, to boot.
The Sunshine State Offer Plenty of Wonderful Weather
There are few places on the planet, which offer better weather so many months of the year. Canadians like to escape for three to four or more months, avoiding the cold, harsh winters up north. Other foreign investors are buying to escape inclement weather. For instance, the infamous "English summer", which brings daily downpours and gloomy evenings. With such great weather throughout the year, and the ability to enjoy outdoor recreation practically every single day of the year, Florida is a prime location to own a home.
Schools and Universities are Top-Notch
Some foreign investors are also investing in their children and want them to get the best education. Florida has some of the most recognized universities in the country and a college degree comes-in at a far more affordable price than an Ivy League institution. There are also plenty of private and public elementary, middle, and high schools to choose from.
Low Cost of Living and Low Taxes
Savvy foreign investors salivate at the low cost of living in the state, as well as the low property taxes. What's more, many are putting their own businesses in a prime location, because Florida has a very business-friendly environment with plenty of incentives and low taxes. The fact there are no income taxes just makes it all the better of a deal.
Finally, another reason for so many foreign investors is they're planning ahead. Wanting to become citizens of the United States, they are purchasing property to make the transition permanent and call the U.S. home. Here, they can raise a family and a new generation of Americans.
Brenda Alexander is a Top Producing Real Estate Broker and owner of East Coast Waterfront Properties, located in the Martin County Florida Covering the entire Treasure Coast and the Florida Keys..