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¢
