South Florida top location for international buyers

News by Propertyshowrooms.com

Florida is a prime holiday let market for international investors but, according to new research, buyers should focus their attentions on the south. The Miami Association of Realtors explained this part of the state is incredibly popular among investors, evidenced by more than one million visits to the agent’s property site between January and May 2013.

Unsurprisingly Miami continues to be the main draw, but the landscape is changing when it comes to buyers. Brazilian buyers are now topping the list of international searches, with Canada, Columbia, Venezuela, Spain, Argentina, France, the UK and Italy taking the remaining spots. Interest from Brazil is no doubt thanks to the associations Miami has with the country through its International Data Exchange.

Miami chairman of the board Natascha Tello said: “Miami continues to be a top choice for Brazilian buyers who feel at home in Miami and are attracted by the local lifestyle, culture, and thriving real estate market. Our relationships further boost already strong interest in our market, as affluent Brazilians prefer Miami over any other market in Florida and the United States.”

Conditions are favourable at the moment too when it comes to US property, with the market well on its way to recovery. Research from CoreLogic showed in May prices increased by 2.6 per cent – an 11.6 per cent rise year-on-year and the greatest annual rise since February 2006. Price rises are expected to continue well into the summer, with a lack of stock driving up values.

When it comes to international investment, Miami ranked second only to Los Angeles among the top ten overall most searched US cities. Coming up the rear is Fort Lauderdale and if the Miami-Fort Lauderdale real estate markets were combined, the former’s ranking would be higher.

Fernando Martinez, residential president of the Miami Association of Realtors, explained that investors are becoming more and more aware of the “profitable opportunities” available in the South of Florida and want to take advantage of “local affordability combined with world class amenities”. International Property and Real Estate News from Propertyshowrooms.com