International Buyers Have Been Purchasing Miami Condos With The Intent Of Turning Them Into Rentals
There has been an incredible amount of attention being paid to the Miami real estate market over the past couple of months and a large percentage of this attention seems to be coming from international buyers that are intently set on acquiring condo units which have come back full force with a heavy demand coming particularly from the region’s leasing division.
It has been made so apparent that the great advantage that international buyers have had over the local real estate market is indeed being utilized to the fullest, and even more so with the weakening of the US dollar which allows these buyers from other countries to step in on the condo market with their purchasing power in hand, eager and ready to strike.
Over the past couple of months, the increased interest of international buyers seems to have certainly made a lasting impact on the local real estate market as condo sales are doing extremely well. With over 260 condo properties being closed in deals after only being on the condo market for less than five months, and with over 160 closings that have yet to be finalized, things are certainly looking up, thanks to the boost created by international buyers.
Based on recent real estate activity, it has been noted that the market now yields what is estimated to be an absorption rate of almost 10 months which is essentially drawing the local market relatively close to becoming one that is adequately balanced and truly healthy.
Looking back at what has previously been mentioned about the heavy demand on real estate leasing options in the form of Miami condos, it is clear to see that international buyers these days have gone beyond just taking advantage of their ability to purchase and own real estate properties in the region; international buyers have taken the extra step towards financial gain by utilizing what they already know about the local real estate market and using that to generate a massive revenue by purchasing as many of the available condo properties off the market and placing them back on as condo units for rent.
It is remarkable to see the impressive approach that these international buyers have been able to take on when it comes to these Miami condos, especially now that rental rates on these high-rise properties have gone up by at least 10 percent in the past year alone. Needless to say, international buyers are not the only ones who are going to be making the most out of these great opportunities because any Miami condo owner is entitled to utilizing their properties to the best of their abilities.