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Miami is becoming a world-class city for luxury real estate

 

Miami is attracting investors from all over the world. Not only Latin America and Canada are now investing in the sunshine city but also investors from Asia and Europe are eyeing Miami as an investment  or second home opportunity.

 

According to the Study from the National Association of realtors published in July 2014 but with results up to March 2014, 23% of investors buying in Florida in the past 12 months  were international buyers, their origin is shown in the graphic below:

 origin

The top countries investing in Florida are Venezuela, Argentina, Brazil, Colombia, Canada, France, Mexico and Italy. They are followed by an increasing number of buyers coming from Peru, Spain, Ecuador, United Kingdom and China.

 top tier

The Median price of purchases has increased from USD 200K-250K to USD 300K but the most interesting is that the portion of buyers that bought properties of USD 1M in 2011 and 2012 was 5% while in 2013 that percentage increased to 11%, showing a trend to increasing demand on high end properties.

 median price

No doubt that this is a good moment to invest, considering that prices for high end properties are still affordable compared with prices in other US States like New York or California. And also considering  that the city is getting an enormous flow of investment to develop new construction that will transform the city by 2020 in one of the most sought places to be.