Miami is the most international city in the entire United Sates, We also have more international residents than any other city in the US (65% are Hispanics). Since 2014, we have been able to maintain a 4 year record breaking sales meanwhile the prices are still at the same levels as 2004. That’s 11 years ago real estate prices!
Miami is ranked among the top 10 cities searched by international buyer, it is the third most researched city to be exact.The top International buyers are in the following order:
- Costa Rica
Since 2011, International Sales totaled 10,600 Properties; 22% of Miami’s residential market compared to 12% in Florida and 4% internationally. The Dollar volume of international sales totaled 36% of all local sales compared to 24% of Florida’s and 8% nationally; and all this is excluding pre-construction sales.
It seems like Americans may not be buying homes but foreigners sure are. Prices have been at the below nationwide market levels for 11 years and that could be changing soon. The time to buy is now!!!
Whenever you see world economy picking up, even the devalued properties are going to go up rather than down.
See complete conference regarding Who is Buying South Florida Real Estate at the Miami International Real Estate Congress 2015 by Teresa King Kinney; CEO of the Miami Association of Realtors: