The Market For Miami Properties Has Provided A Significant Boost To US Real Estate Market Recovery
Miami properties are now being seen as one of the reasons that the US real estate market recovery has been made possible since the region and its properties have clearly been doing exceptionally well in terms of sales over the last year or so.
While most of the Miami properties being sold are being sold to foreign buyers, a growing number of domestic buyers who are more inclined to consider within the commercial real estate market where opportunities are known to be quite abundant.
Nevertheless, foreign buyer activity has managed to bring in more than $10 billion worth of sales in the past twelve months alone which makes the market for Miami properties the third-highest market within the US today.
With both foreign and domestic buyers taking the opportunity to purchase Miami properties, and the fact that the demand for these real estate options remains quite high despite the diminishing inventory supply within the region, it seems that the growth of the local market is going to keep up at a steady pace which essentially means even more strengthening can be expected for the US real estate market in general.
Miami has always been known as being one of the best regions within the country because of the many great features that it has to offer to people from all around the world. Beginning with its outstanding location along the Atlantic coast of the South Florida region, it is home to world-class beaches which millions of people visit each year. From residential properties to commercial investment opportunities, there has never been a better location for people within the country, especially now that real estate values have been steady on the rise as the region works on its full recovery.
According to home index data, the home price gains over the past twelve months is 4.4 percent higher than it was in 2011. Much of the increase has been due to foreign buyers who have been willing to pay for Miami properties in cash. With regards to exactly where these purchases take place, reports mention that 31.3 percent of all foreign activity within Florida takes place in either Miami proper or Miami Beach since these locations are known to be prime locations within the region.
As much as 31 percent of all foreign purchases have been made by Canadians while Brazilians come in second with 9 percent. Property buyers from Latin America and the Caribbean make up for 31 percent of all foreign purchases combined.
If you would like to learn more about the current market situation within Miami, or if you would like to find out about the availability of Miami properties on the property market, you may contact a professional agent for more information and full assistance regarding your options today.