Categorized | Residential

Housing Market in Miami Sees Significant Gains

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The residential real estate market in Miami continues to outpace the nation in growth and performance. While the residential real estate market in many of the nation’s prime and secondary markets has stagnated, or even declined, the market in Miami has done just the opposite.

Reports indicate that the number of home and condominium sales in Miami is up almost twenty percent from last year. International buyers have been at the very heart of the city’s real estate growth. The city of Miami has become increasingly attractive to investors around the globe, particularly for those looking for a second home, or an ideal business and vacation home.

Investors from Canada, Venezuela, and Brazil dominated the most recent international sales in the city. The increase in demand that is associated with the improving sales figures has finally started to positively impact residential home and condo prices in the city. Residential real estate prices are on the rise in the city, which further makes it an anomaly in comparison to the rest of the country.

The trend is likely to continue, though it is not clear as to whether or not it will do so at the same rapid pace that it has in the previous months. As long as major international investors continue to view Miami as an ideal vacation destination, however, the growth will likely continue.

Sales of condominiums are actually up by more than twenty percent from last year. Single-family houses are not too far behind, as the sales figures are up more than ten percent from the previous year.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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