Categorized | Residential

International Buyers Continue to Take Residence in Miami

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Miami, Florida continues to remain a hot spot among international investors. The city’s real estate market has enjoyed remarkable success in the past few years while other cities have struggled to avoid major real estate losses. The success enjoyed by Miami has not come from domestic buyers, but rather, international buyers that are taking advantage of the incredibly low prices.

Home sales in Miami are up more than fifty percent from last year, and have actually increased in every quarter since 2008. Miami’s numbers are actually boosting the state of Florida, as the real estate market in the rest of the state has had its share of struggles.

Miami is not unlike the rest of the United States in that it is struggling with high unemployment rates, and decreased consumer confidence. However, international investors have fallen in love with its ideal location, as it gives them the opportunity to do business in the United States while enjoying a vacation at the same time.

Analysts expect Miami’s strong growth to continue in 2012, as the international buyers will improve the local economy. The trend of international buyers taking up residence in Miami is expected to continue. As more and more foreign buyers purchase homes in the city and county, the number of foreclosures and other depressed properties has dropped. As such, overall home values and sales prices have increased.

Prices have actually increased almost twenty percent from last year. Even as prices continue to rise, international buyers are expected to continue to be active in Miami’s real estate market, as it remains a top international destination for vacation and business residences.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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