By Ron Hurtibise | rhurtibise@sunsentinel.com | South Florida Sun Sentinel

South Florida real estate isn’t beckoning foreign buyers like it once did.

The share of residential real estate purchases by foreign buyers in South Florida plunged to 10% during the 2024 fiscal year, the lowest level in a decade and a dramatic decline from 50% in 2018, according to a Miami Association of Realtors report.

The findings were based on responses of nearly 2,400 real estate agents in Broward, Palm Beach, Miami-Dade and Martin counties to an online survey sent to about 60,000 members. The survey measured purchases from August 2023 to July 2024.

Bonnie Heatzig, South Florida-based executive director of luxury sales at Compass Real Estate, attributed the decline to a number of factors, including global uncertainty, currency pressures and new condo regulations imposed in response to the collapse of Champlain Towers South in 2021.

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