Foreign buyers fuel Miami's price rises for fifth straight month

Miami’s recovery continued apace as foreign buyers fuelled the Florida city’s fifth-straight monthly price gains.

Condos in the Miami-Dade area had a $150,000 median sales price in April…30% up year-on-year.

Other properties in the area also performed well, with single-family homes achieving a medium sales price of $183,000 (up 8.2% y-o-y).

International buyers paid predominantly in cash, with 90% of all buyers in Florida paying in this way. 64% of all buyers in Miami used cash, while on a national level cash-buyers represented under a third of the market (29%).

Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors (MAR), said that the price increases should continue.

"Miami single-family home and condominium prices continue to trend upwards due to the record demand experienced last year," said Pomares.

"Price appreciation should continue due to limited supply and strong demand from both U.S. and international buyers and investors."

"Miami is unique in many ways, including being the top market in nation for foreign buyers and investors,” added MAR’s residential president Patricia Delinois. “There are many benefits to living and working in Miami, which is why migrating U.S. residents and retiring baby boomers as well as vacation and second home buyers, and global business headquarters are increasingly attracted to our amazing city."

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