Governor DeSantis just signed a bill in to law restricting foreign investment in Florida Real Estate from China, Venezuela, Cuba, Russia, Iran, Korea and Syria. The law bans real estate purchases by Chinese people and businesses domiciled in China and those who are not U.S. citizens or residents.
Those who currently own real estate and fall under those parameters must register their ownership with the state.
Foreign investors from the other “countries of concern,” including Venezuela and Cuba, are banned from buying agricultural land in the state, as well as real estate within 10 miles of military and critical infrastructure facilities. The latter includes seaports, airports, chemical manufacturing facilities, electrical power plants, water treatment plants and gas plants. The law lays out punishments for those who knowingly sell such real estate to people or entities from those countries.
One exception that was later added to the bill: A foreign national with a non-tourist visa could purchase one residential property of up to 2 acres if the property is not on or within five miles of a military installation.
This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year. While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023. This should bode well for the trajectory of mortgage rates over the long-term.
