What’s So Good About Miami Today?

The allure of Miami has brought the city to the attention of the world’s property investors. It has always been a favourite holiday and investment destination for wealthy South Americans from Brazil and Venezuela and, more recently, retiring American baby boomers.

This non-stop influx of tourists, investors and businesses keep employment high in the city and this helps drive the local economy. Employment prospects have improved considerably and unemployment has been on a downward trend since 2011.

Miami Unemployment

What drives the property market in Miami is foreign investment.

Foreign investment is currently making up 90% of demand for apartments in Miami according to local real estate agents. Locals are more likely to rent than buy.

75% of Miami apartment purchases are made in cash compared to just 30% nationwide. This means Miami’s property boom is not as dependent on mortgage lending as in other cities making it an unusual case.

At Colordarcy we specialise in helping international buyers to get most of their Miami properties. Feel free to contact us if you’d like to discuss your options.

 

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