Overseas Investors Choose Properties in Florida for Sale

Overseas investors are choosing to buy properties in Florida, as new figures have revealed that home sales in Miami Dade County increased by 28% in January when compared to January 2010. The number of properties sold during the month also increased considerably and the market seems to be gaining momentum while inventory levels are dropping.

Jack Levine, chairman of the Miami Association of Realtors expects this trend to continue as the economy slowly recovers boosting consumer confidence. He expects sales of condominiums in particular to continue improving as they are currently particularly affordable and are always popular as buy to let properties or holiday homes.

Property sales throughout the US appear to be improving with some states reporting a more stable market as even though the number of homes sold has dropped, the prices have held steady. The feeling is that lenders have renegotiated some loans so that the danger of increasing numbers of repossessions has dropped.

It’s not just sales of homes which are recovering but commercial property is also staging a comeback with prices increasing by up to 19% countrywide in 2010. Investors are beginning to believe that the market is rising and this has convinced them to begin buying once more.

This is good news for the US economy as there had been real worries that continued deterioration in the commercial property market would negatively affect the economy. As the US economy continues to expand it’s expected to further boost the confidence of investors. The economy grew by 3.2% annual rate in the fourth quarter.