With global vaccinations rising and unstable political situations around the world, the luxury real estate market in South Florida — particularly Palm Beach County — is seeing an increase in foreign homebuyers.
Palm Beach County’s single-family luxury ($1 million and above) home sales increased 18.7% in November compared to the same month last year, according to the MIAMI Association of REALTORS® and Multiple Listing Service (MLS). Sales of existing luxury condos rose 14.1%.
Low interest rates, a robust S&P 500, no state income tax and work-from-home orders have all contributed to the county’s robust luxury market.
Vaccinated foreigners were allowed to resume travel to the U.S. starting on Nov. 8, leading to more international investment in South Florida.
“Global buyers purchase in Miami because Miami is a world-class global city with better real estate prices than other similar global cities,” said Bill Mate, president of JHTS-MIAMI, in a press release. “Foreign buyers feel at home with our incredible diversity and acceptance of all cultures.”
In November, cash sales represented 49.8% of closed sales in Palm Beach County, compared to 40.8% in November 2020. Nationwide, about 24% of U.S. home sales are made in cash, according to the latest statistics from the National Association of REALTORS®.