Florida's New Ban on Foreigners Purchasing Homes: What You Need to Know

Florida Governor Ron DeSantis recently signed a bill into law that bans foreigners from seven countries from purchasing property in the state. The law, which goes into effect on July 1, 2023, applies to citizens of China, Cuba, Venezuela, Syria, Iran, Russia, and North Korea.

The law has been met with mixed reactions. Some people believe that it is necessary to protect national security, while others believe that it is discriminatory and will harm the state's economy.

There are a few potential market ramifications of the law. First, it could lead to a decrease in demand for Florida real estate, as foreigners will no longer be able to purchase property in the state. This could put downward pressure on prices.

Second, the law could lead to an increase in the number of foreign buyers who try to purchase property in Florida before the law goes into effect. This could lead to bidding wars and higher prices.

Finally, the law could lead to legal challenges. The American Civil Liberties Union (ACLU) has already filed a lawsuit challenging the law, arguing that it is discriminatory.

It is unclear whether the law will stand up to legal challenges. However, even if it is struck down, it is likely to have a chilling effect on foreign investment in Florida real estate.

The new law on foreign buyers in Florida is a complex issue with far-reaching implications. It is important to stay informed about the latest developments and to understand how the law could impact your business.

Benjamin Kell-PRMG NMLS #2126313