Miami Beach Real Estate – Foreign Buyers Continue To Gobble Up Condos


The city of Miami Beach is a famous international vacation destination, drawing tourists from all over the globe, and from other states as well.

The city is renowned for its wonderful Art Deco district, exciting and diverse dining and entertainment establishments, wide array of outdoor activities, and wonderful real estate options. In a recent study made by the National Association of Realtors in 2007, the state of Florida was considered the top destination for foreign buyers, who have accounted for around 26 percent of all transactions, and was ahead of California which was at 16 percent, Texas at 10 and Arizona at 6 percent.

A Lot Of Overseas Buyers Are Gobbling Up Condos Here

Among the motivating factors for more foreigners buying into condos here, is that the depreciation of the dollar has made overseas currencies much stronger. Canadian buyers, also were seen to have a particular interest in purchasing homes within the US, because the Canadian Dollar has been 25 percent stronger against the greenback in the last two years, which makes these types of buyers more than willing to pay for these condos with cash.

According to housing market analysts, more than 7 percent of all homes in the state were sold to foreigners, and an estimated 65 percent of real estate agents have noted that they had

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