Foreign investors flock to Florida property market

People looking to buy real estate in the USA are increasingly being attracted to Florida, it has been claimed.

Investors, mainly from Europe and Latin America, are particularly interested in properties in Miami's trendy South Beach as well as cheaper areas to the north as house prices in the US fall to bargain prices, reports Agence France Presse.

Indeed, prices in Miami have fallen by 47 per cent since the real estate bubble peaked in 2006, according to Standard & Poor's Case-Shiller 20-City Home Price index.

"The buying opportunities are maybe the best ever. Who knows if we'll see prices again like today's in Miami Beach," Keys Real Estate agent Michelle Iglesias told the news provider.

However, the interest from foreign buyers has kept prices from falling even further and is even helping the market turn around.

Oliver Ruiz, president of the Miami Association of Realtors, said: "The international buyers continue to fuel market strengthening, we continue to observe positive signs."

Last month, the National Association of Realtors forecast that the US property market would undergo a slow but steady recovery.

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