Italian and columbian investors drive miami market

Italian and Columbian investors are driving Miami’s property market boom, according to the Miami Association of Realtors.

The stats show that buyers from all around the world are attracted to the thriving city’s real estate. Indeed, Florida is the most popular part of the USA on TheMoveChannel.com, accounting for one in four US property enquiries. Within Florida, Miami is the most sought-after destination. Indeed, 77 per cent of realtors in the state work with at least one international client, compared to just 27 per cent on a national level.

Traditionally, South America has been responsible for most of the city’s buying and selling, with Venezuelans accounting for 14 per cent of overseas sales, ahead of Argentineans and Brazilians on 11 per cent.

Now, though, more countries are joining the fray, as Italy steps up its demand for property. Indeed, Italian and Mexican buyers now account for 4 per cent of transactions apiece, just behind French buyers (5 per cent).Canadians now account for 8 per cent, while Columbia joined them on the same figure – the first time many of the countries have been in the top list of buyers.

“This is the first time Italy has moved into the top tier,” said Miami Association of Realtors chief executive Teresa King Kinney, while predicting an increase in interest from Chinese buyers.