Foreign Buyers Are Fleeing the South Florida Condo Market

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Sales to international buyers fell to 10 percent of transactions last year, a steep decline from 50 percent in 2018.

By Julia Echikson

Foreign buyers have long powered South Florida’s condo market, but many are now pulling out because of high interest rates, expensive prices and, more recently, restrictive immigration policies.

The Miami Association of Realtors reports that home sales to foreign buyers dropped to 10 percent of all transactions in the region from August 2023 to July 2024, the lowest level since 2015 and a stark drop from 50 percent in 2018.