Non-resident foreign buyers invested an estimated US$7.97billion into Florida real estate in the year to the end of June 2014, according to a new report from the National Association of Realtors (NAR) and Florida Realtors.

This figure is over US$1.5billion up on the year to June 2013 (US$6.43 billion), representing a rise of around 23%. It is estimated that international buyers purchased around 26,500 individual properties in Florida compared to 22,600 in the same period a year earlier.

The NAR’s Profile of International Home Buyers in Florida 2014 report reveals that 32% of these purchases were made by Canadian buyers, with a further 24% by buyers in Western Europe, predominantly the UK, Germany and France.

The report says: “The increase in international home buying activity was driven by the continued recovery of the world economy and the affordability of US properties. Both US and Florida residential prices remain affordable to most international homebuyers.”