Miami, the largest metropolitan area in the Sunshine State, has long been a vacation destination for individuals looking to enjoy some sun, fun and relaxation. However, it has recently been identified as one of the top housing markets foreign consumers, as an increasing number of non-American home buyers were looking to buy property in the city during the month of March.
A recent report released by the Miami Association of Realtors (MAR) showed the metro area in the second spot - just behind Los Angeles - on a list of the ten top markets for foreign consumers. The city's placement improved by two spots from the preceding year, when it ranked fourth.
Natascha Tello, chairman of the board for MAR, said the metro area has previously seen attention from residents of overseas countries, and remains a popular destination for not only vacationers, but property investors and home buyers.
"These results reflect the strong demand from foreign buyers and investors that exists for Miami properties," said Tello. "It is interesting to see countries like India and Germany ranking among the top markets looking to buy or invest in Miami and South Florida. The Miami real estate market remains a mecca of global activity, differentiating us form the rest of the U.S. and fueling our vibrant real estate market."
Using public property records and recent housing data, the organization concluded the city is one of the top areas nationwide for international real estate purchasers.
"Miami had not previously figured as a top market for buyers from the United Kingdom, who tend to purchase in less expensive areas of Florida," said Fernando Martinez, residential president of MAR. "We are increasingly seeing buyers from new markets becoming increasingly interested in all that Miami has to offer, which is a sign that investors view Miami and South Florida a profitable opportunity."
Housing construction may be on the increase
With the increased international interest in Miami, the building of additional housing developments may soon follow. With national mortgage records continuing to show low rates, buyers are well-positioned to make an acquisition - if supply can catch up with the demand.
Information recently published by the government sponsored enterprise Fannie Mae outlined a projected return to normalcy for residential construction jobs. After repeatedly being observed falling between the years of 2006 and 2011, housing starts are expected to double over the next four years. Reportedly, if housing starts keep pace with estimated expectations and return to normal levels during 2016, it's predicted that there will be nearly 2.5 million residential construction jobs.