Miami remains one of the most popular American cities with foreign property buyers with new figures showing that the cityââ¬â¢s property market is buoyant. Sales of residential homes in Miami have increased for 13 consecutive quarters thanks mainly to huge interest from overseas buyers looking for cheap property in the USA.
Miami seeing ââ¬Ëstrong demand from international buyersââ¬â¢
The latest report from the Miami Association of Realtors shows that sales increased 51 per cent in the third quarter of 2011 compared to the same quarter in 2010. Sales of homes in the city have increased every quarter since the autumn of 2008.
Sales of existing single family homes increased by almost half (47 per cent) compared to just a 12 per cent increase in Florida as a whole.
Jack Levine, chairman of the Board of the Miami Association of Realtors, said: ââ¬ÅStrong demand from international buyers is fuelling robust sales activity in Miami despite low consumer confidence and high unemployment.
ââ¬ÅLocal sales are expected to set a record this year that should exceed the height of the boom in 2005. We expect even stronger market performance in 2012 the job market and consumer confidence improve and distressed properties continue to be absorbed.ââ¬Â
Lawrence Yun, chief economist of the National Association of Realtors, believes that property prices in the Florida city will increase significantly next year. He said: ââ¬ÅMy bold prediction for 2012 is that we will see double digit price increases in Miami in 2012. Miami is the top destination for foreign buyers.
ââ¬ÅMore international sales during the downturn proves international buyers have fuelled the local market recovery.ââ¬Â
Ralph De Martino, president of the 25,000 member Miami Association of Realtors added: ââ¬ÅAs the prime destination for international buyers, the Miami market offers much optimism. Foreign buying activity has been absolutely essential in helping our market exceed expectations and outperform the nation.ââ¬Â
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