Miami real estate market continues to rise with boost Latin American
April 2, 2014
The construction and sale of new residential buildings in the city center of Miami ( “downtown ” ) continues to rise, driven by strong demand from international buyers , especially in Latin America.
Proof of activity in the housing sector that lives next urban center is building 25 new condo buildings , today told Efe industry sources.
According to the Directorate of Construction Center Miami (DDA , for its acronym in English ) of the 23,000 condos built in the “downtown ” during the “boom” of the building less than five hundred is still for sale , so it drives substantially the building and development of new real estate projects.
The real estate agent Alicia Cervera Lamadrid, managing partner of Cervera Real Estate , believes the demand for residential property in Miami has reached its ” peak ” .
According to the real estate company Keyes, the average price of condominiums increased by 41 % since 2010 and the inventory was reduced by 53%.
” The Miami real estate market is hot again . ‘s , Particularly in Latin America , along with declining inventory of condos for sale , strong demand from international buyers has prompted the launch of several new projects,” he explained Efe Cervera.
The company Cervera Miami condos sold for a total value of 1,000 million dollars in 2012 .
For the entrepreneur, the fact of having achieved so much success in unit sales of “high quality ” is a ” testament to the strength of the Miami real estate market .”
Clear sign of the revitalization of this market is the presence of numerous property developers interested in building , such as the Asian Swire Properties , which is raising the Brickell CityCentre shopping center, 56,000 square feet , will house luxury shops.
Also, this week went on sale condominiums of four new luxury residential towers to be built in the city center.
Analysts had predicted that it would take between 10 and 15 years to sell the large inventory of properties that had accumulated when the housing bubble burst in 2008, which precipitated the sharp fall in sales.
However, the high demand by European and especially Latin American buyers , with Brazil and Argentina Venezuelsa to the head, has revitalized the Miami real estate market.