Waning economic growth in many countries and higher home prices further enhanced by a strengthening United States dollar resulted in a slight decline in international sales dollar volume of U.S. property over the past year and a significant retreat in buying from non-resident foreigners.

This is according to an annual survey of residential purchases from international buyers released today by the National Association of Realtors®.

Approximately 14 percent of responding Realtors® reported that they had a client who was seeking to purchase property in another country, which is over double the amount in last year’s survey (6 percent). Mexico – at almost triple the amount (13 percent) – generated the most inquiries about purchasing abroad, followed by Costa Rica, Philippines, Colombia and Canada (each at 4 percent). Most U.S. clients interested in buying in another country (87 percent) were looking to use the property as a vacation home or residential rental unit.

“Especially in the local markets attracting a hefty share of international buyers and sellers such as those in California, Florida and Texas, it’s advantageous for Realtors® to consider earning the Certified International Property Specialist, or CIPS, designation,” says NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “The specialized training on critical aspects of an international transaction such as exchange rate and tax issues and regional market conditions best prepare Realtors® for the increasingly globally connected world of real estate.”

Although property prices in Costa Rica have not really decreased as drastically as in other Latin American nations, economic conditions may be putting off international buyers who may be more interested in the strong recovery of the U.S. housing market.

Overall, a total of 214,885 U.S. residential properties were bought by foreign buyers (up 2.8 percent), and properties were typically valued higher ($277,380) compared to the median price of all U.S. existing home sales ($223,058).

WASHINGTON, July 6, 2016 /PRNewswire/