Florida transactions made up 21% of all international home purchases in the U.S. this past year — more than any other state, according to a report from the National Association of REALTORS®. 

That extends a streak that goes back over 15 years, the association said in a press release.

Across the United States, foreign buyers purchased $56 billion worth of residential real estate during the 12 months ended in March. That was a 33% increase over the same time period a year prior.

Those international buyers purchased 78,100 properties, up 44% year over year. The median purchase price was $494,400, an all-time high. 

Florida homes made up about one-fifth of those transactions.

“International interest in buying U.S. real estate increased following the global economic recovery from several years of pandemic-related disruptions,” said NAR Chief Economist Lawrence Yun. “Foreign buyers are drawn to investing in American real estate, in part, by our country’s strong protection of private property rights.” 

Broken down by region, 31% of Florida’s foreign buyers were from Latin America and the Caribbean, 31% were from North America, 17% were from Europe, 13% were from Asia and Oceania and 9% were from Africa. 

Canadian buyers were more likely to head to Florida than any other state: Nearly half of all Canadian buyers — 49% — purchased homes in the Sunshine State, as well as 45% of U.K. buyers, 10% of Indian buyers and 3% of Chinese buyers.  

Nationwide, international buyers were more likely to buy in cash than all buyers — 47% versus 28% — and were more likely to purchase homes on the higher end of their market. 

Chinese buyers purchased the most property, making up 15% of all foreign purchases in the United States with 11,700 home purchases valued at $13.7 billion.