Miami: the most international city in the us

Brickell Skyline - Miami, Florida Photo: Adam Mizrahi

"Miami is the most international city in the entire United States," according to Teresa King Kinney, CEO of the Miami Association of Realtors. Speaking at the group's 20th Miami International Real Estate Congress at the Biltmore Hotel in Coral Gables, she highlighted how important foreign buyers are in Miami.

Indeed, overseas deals accounted for 29 per cent of all transactions in Miami-Dade and Broward counties in the past year, according to the Miami Association of Realtors. Latin American buyers have always been a big force in the state. Indeed, some experts raised concerns this month, as Argentina experiences economic woes, that the financial troubles could affect investment activity in the famously international market.

The National Association of Realtors, though, suggests that foreign demand Miami real estate is not about to slow down yet. Indeed, Brazilians spent the highest mean amount on property: $494,531.

"Despite tough economic conditions in much of Latin America and Europe, foreign buyers are continuing to invest in Miami," reports the Miami Herald at the event.

The proportion of sales going to international buyers may have dropped from 35 in 2013, but they still mark a major force in the area. 55.8 per cent of total closed sales in September were all-cash transactions - the preferred method for overseas buyers - according to the Miami Association, compared to 60.5 per cent in September 2013. This is still more than double the national figure of 24 per cent.

More than half of Miami-Dade County's residents, meanwhile, were born abroad.

"If Miami-Dade doesn’t set another record year for residential sales in 2014, it will come close to doing so, buoyed by the strength of foreign demand, King Kinney told the meeting," adds the Herald.

"The assumption is Miami is a very good place to put your money,” said Kinney.