Where is the best place to buy property in the USA? New York? Los Angeles? Chicago? Well, the general consensus of experts is that Miami is Americaââ¬â¢s number one property market.
Greg Freedman, partner at property form BH3, says: ââ¬ÅAsk anyone in the Northeast, Midwest, Europe, Russia or Canada in February where they would rather be, and 90% of them will say ââ¬ËFloridaââ¬â¢.ââ¬Â
But, why is Miami so popular with overseas buyers?
Luxury properties in Miami are relatively cheap
One of the main reasons that Miami is proving popular with buyers from the UK, Europe and Russia is that it is possible to pick up a luxury property on the cheap.
Paola Garcia-Carrillo, Sales Director of Residences at Vizcaya says: ââ¬ÅLuxury homes are being purchased by international buyers because people want to take their money out of their country and invest it in the best country in the world.ââ¬Â
In addition, Miami is perceived as being very affordable when compared to other US cities such as New York and Los Angeles. This is attracting buyers from across the world, leading to a buoyant property market in the Downtown and Miami Beach areas of the city.
Shawn Vardi, President of Think Properties, says: ââ¬ÅMiamiââ¬â¢s property market continues to outperform the rest of the country as condominium sales in 2011 increased by more than 50%, year-on-year.ââ¬Â
Fall in property prices and better exchange rates encouraging international buyers
Experts point to two factors which are driving the Miami property market. Firstly, prices in the city have fallen thanks to oversupply and the recent financial crisis.
Secondly, many international purchasers have taken advantage of a favourable exchange rate between their own currency and the US dollar.
Mr Freedman cites the example of a Brazilian purchaser looking to buy a $1 million condominium in 2006. They are now ââ¬Ëable to purchase that same condo today for about 60% less as a result of both decreased real estate prices and the strengthening of their local currency.ââ¬â¢
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Author
Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.