International Buyers Rush Miami
It’s no secret that foreigners are flocking to the safety and security of the U.S. residential market, but one city in particular is garnering a lot of attention: Miami.
The southeastern Florida city is currently going through a condo construction boom fueled by buyers coming from Europe, Latin America and Asia. While the interest helped the market in the years following the Great Recession, now some experts worry a bubble is forming that could price out local buyers.
In downtown Miami, 90% of sales were international, according to the Miami Downtown Development Authority (Miami DDA). According to the Miami Association of Realtors, June existing condo sales were down 3.8% from last year. Analysts say with all the new construction, rents could fall and that could lead to the unraveling of yet another bubble in South Florida real estate.