With properties available at less than a third of the price they were at the peak of the last real estate boom, Miami quickly caught the attention of investors who were clever enough to see the potential return they could make on undervalued real estate.
(PRWEB UK) 10 June 2013
Loxley McKenzie, Managing Director of Colordarcy comments, “Miami has come a long way from the depressed real estate market we saw back in 2008. Much of this recovery was initially fuelled by foreign investment from South America.
With properties available at less than a third of the price they were at the peak of the last real estate boom, Miami quickly caught the attention of investors who were clever enough to see the potential return they could make on undervalued real estate.”
According to the Florida Association of Realtors, South Americans were the top investors in Miami property with Venezuelans heading the list accounting for 15 percent of all sales in 2011 (Source: Florida Association Of Realtors, August 2012).
McKenzie added, “A surge in demand for Miami property is often fuelled by political instability in South America. This year, Venezuela is in the spotlight again following a change of leadership, which may persuade more investors to relocate to the relatively safe environment offered by Miami.”
According to the Economist this month ‘Venezuela has weak administration beset by political and economic problems and desperate to hang on to the international support that Chávez built up’. (Source: Economist, June 2013)
Demand for Miami property has fuelled a boom that shows no sign of losing momentum according to Colordarcy analysts with prime property prices rising by 21.1 per cent in the first quarter of 2013.
This made Miami the third fastest growing prime property market in the world.
Colordarcy are currently offering investors the opportunity to invest in luxury Miami apartments overlooking the waterfront for at prices from $614,800 / £400,000.
Notes to the editor:
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.
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