Miami outstrips us property market

The property market in Miami continues to outperform the rest of the US thanks to its affordability and appeal to international buyers, it has been suggested. Some 1,262 existing condominiums were sold in the Miami Metropolitan Statistical Area during January alone, a rise of 134 per cent compared to the same period last year, new figures from the National Association of Realtors have revealed.

"These significant increases in sales for both single-family homes and condominiums reflect the strength of the Miami real estate market," said Jack Levine, chairman of the Miami Association of Realtors. And, the firm added, this rising demand for property can be attributed to growing interest from foreign buyers.

Mr Levine continued: "The Miami market continues to outperform the rest of the nation mostly due to the strong impact of international buyers and record affordability."

And those looking to buy property in the US may be interested to learn that while the market is getting back on track, short sales and foreclosures are continuing to have an impact on median and average sale prices.

Source: Property Showrooms