Miami seeks to boost foreign investment

The US city of Miami is hoping the weak USD combined with relatively cheap real estate prices will help to attract more overseas investors.

Overseas Property Professional (OPP) has reported that the Realtor Association of Greater Miami and the Beaches (RAMB) is launching a campaign to promote the region to international property buyers.

Last year, foreign investment helped boost sales in the area, with a 50 per cent year-on-year increase during the final quarter of 2009.

Theresa Kinney, chief executive of RAMB, told OPP that foreign sales made up about 30 per cent of the market.

Ms Kinney above explained that the campaign would help to increase this number further, both in Miami and other areas in the US.

"Currently, the local market is even more attractive to foreign buyers due to the weak USD, the wide selection of properties and relatively inexpensive real estate compared to other world-class cities," she added.

Meanwhile, Miami boasts the largest cruise ship ports in the world, with the terminal hosting over three million passengers and tourists in 2007.

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