Foreign buyers help Miami property market soar

Miami remains one of the most
popular American cities with foreign property buyers with new figures showing
that the city’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 ‘strong demand from international buyers’

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: “Strong demand from
international buyers is fuelling robust sales activity in Miami despite low
consumer confidence and high unemployment.

“Local 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.”

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: “My 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.

“More international sales during
the downturn proves international buyers have fuelled the local market
recovery.”

Ralph De Martino, president of
the 25,000 member Miami Association of Realtors added: “As 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.”