Foreign buyers invest a record-breaking $92 billion in US housing, propelling Miami to the top of the market.

International buyers continue to flock to the United States to buy homes and make real estate investments, according to the National Association of Realtors' 2014 Profile of International Home Buying Activity Report. Favorable exchange rates, affordable home prices, and rising affluence abroad continue to drive international buyers to the United States to buy homes and make real estate investments. qatar villa

Total overseas sales for the period April 2013 to March 2014 were estimated at a record-breaking $92.2 billion, up from $68.2 billion in the previous period.

"We live in an international marketplace," said NAR President Steve Brown, "and while all real estate is local, it does not mean that all property buyers are." "Foreign purchasers are drawn to American real estate by what they see as attractive prices, economic stability, and a fantastic opportunity to invest in their future."

International purchasers and recent immigrants bought properties around the country, but Florida, California, Arizona, and Texas accounted for 55 percent of all recorded acquisitions. Florida continues to be the preferred destination, accounting for 23% of all international purchases. California is in second place with 14 percent, Texas is in third with 12 percent, and Arizona is in sixth place with 6 percent. Los Angeles, Miami, Las Vegas, Orlando, and New York City were the top five cities sought online by international buyers in 2014, according to Realtor.com.

When considering where to buy in another nation, foreign buyers evaluate a variety of criteria, including closeness to their home country, the presence of relatives and friends, career and educational prospects, as well as climate and location. Warmer temperature states, such as Florida and Arizona, tend to draw European buyers, whilst the West Coast tends to draw Asian buyers. Indian purchasers prefer states like California, New York, and North Carolina, which are home to significant information technology enterprises. It is not uncommon to discover concentrations of people grouped by country inside markets within a single state, presumably indicating that word-of-mouth and similar experiences impact purchasing.

This year, 28% of Realtors said they have worked with international clientele. Overseas sales are often handled by specialists, with only 4% of respondents who said they had a foreign client seeing 11 or more international transactions per year. International transactions accounted for 1 to 10% of total transactions for around 54% of respondents who said they had an international client, a decline from 2013 but still in line with previous years' levels.

When compared to domestic buyers, international purchasers are more likely to make all-cash acquisitions. Only one-third of domestic purchases were made in cash in 2014, compared to over 60% of reported foreign transactions. Due to a lack of a U.S.-based credit history, a lack of a Social Security number, difficulties in documenting mortgage requirements, and financial profiles that differ from those typically received by financial institutions from domestic residents, mortgage financing is a major issue for international clients.

About 42% of properties purchased by foreign buyers are utilized as a primary residence. Because non-resident foreigners are only allowed to stay in the United States for six months at a time, these buyers mostly use the property for holiday, rental, or investment purposes. A single-family home accounted for almost 65 percent of all purchases. Nearly half of international clients chose suburban properties, approximately a quarter liked a central city or urban region, and around a third selected a resort location.

Foreign buyers come from all over the world, although Canada, China (including Hong Kong and Taiwan), Mexico, India, and the United Kingdom accounted for over half of all reported international transactions. Although Canada's proportion of purchases decreased from 23% in 2013 to 19% in 2014, China continued to lead in dollar volume, spending an estimated $22 billion with an average transaction price of $590,826. China was also the fastest-growing source of transactions, accounting for 16% of all purchases this year, up 4% from the previous year. Mexico came in third with 9% of sales, followed by India and the United Kingdom, both with 5%.