Miami has come full circle in the wake of the recession and is now one of the best performing housing markets in the U.S., according to a new report.
Miami’s revival of fortunes is being attributed to the phenomenal influx of foreign investments, and primarily Canadians.
Almost 90 per cent of all new downtown construction is due to demand from foreign investors, according to a new study by Miami Downtown Development Authority conducted by Integra Realty Resources.
And it is the high-end of the market that such buyers are opting for, with a majority conducting cash transactions. In the new Dezer Development, the least expensive unit is $5.5 million and so far, 22 investors have already put down deposits. Miami is currently eight in the world for luxury cities with high-end real estate dubbed as the “new global currency.”
The study also found that domestic buyers constitute 10 per cent of downtown purchases, with the remaining 25 per cent primarily made up of Europeans and Asians.
According to Sotheby’s International, Chinese buyers are viewing Miami as a real hot spot and are realizing prices are not as high as New York and other major cities.
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