TALLAHASSEE, FL – Major changes could be coming to the Florida real estate market in the form of a new bill that, if passed by lawmakers, would institute new rules restricting foreigners from specific countries from purchasing homes in various parts of the state.
The legislation would prohibit residents of Cuba, Venezuela, Syria, China, North Korea, Russia, and Iran from purchasing real estate within 20 miles of locations ranging from airports and military installations to seaports and more, reports say.
The bill especially singles out residents of China, who would be completely restricted from purchasing any property or homes anywhere within the state of Florida.
There will be exceptions if the bill becomes law, however; despite not being able to purchase homes or property within the aforementioned off-limit areas, residents from countries on the list would still be permitted to rent them.
Despite the far-reaching implications of the law if it were to be passed, local real estate experts are noting that – in reality – it may not have much impact upon the industry, pointing out that other than Venezuelan nationals, most out-of-state buyers in Florida mainly consist of “domestic” foreigners such as people from New York, California, Chicago, and Connecticut.
Typically, other than Venezuelans – who currently account for 6 percent of the market – those hailing from the countries on the list currently don’t have much of an impact upon Florida real estate, especially in the state’s southern regions. For the past three to four years, experts say, approximately 80 to 90 percent of those purchasing homes in Florida are American buyers.
However, experts note that the bill – which has passed in the state Senate and is currently making its way through the Florida House – may nonetheless reduce some degree of competitiveness in the local real estate market by shutting out a small portion of foreign buyers.
Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.