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July 24, 2014

Miami’s Luxury Condo Market Grows With the Help of Foreign Cash Buyers

As international condo developers pushed prices that excluded local buyers, foreign investors took on the role of fueling Miami’s condo market.

In a recent study conducted by a consulting firm working for the Miami Downtown Development Authority, it is estimated that about 90% of the buyers of new residential units are from abroad.

Remaining one of the top five cities international investors prefer, the trend continues to push on with the strong currencies of Canada, China, Mexico, India, and the United Kingdom.

As price distortion brought on by foreign investment became rampant, many feared the cities rental market would hurt. However, Miami’s remains one of the most expensive in the country.

Multiple Listing System data showed the most affordable neighborhoods in Miami were Overtown and Little Haiti with West Flagler, Little Havana, and the Upper Eastside following. The least affordable were the Coral Way area and Downtown Miami, followed by Coconut Grove and Wynwood.

To read more about Miami’s changing market, visit: www.local10.com/news/foreign-cash-buyers-keep-miami-condo-market-growing

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