Miami tipped as top US property hotspot

Miami appears to be "one of the quickest" property markets in Florida to bounce back from the crisis of recent years, it has been observed.

Director at Mayfair International Realty Annette Reeve stated that the city was one of the first to suffer in the subprime crisis as there had been too much overdevelopment there.

However, she noted, there have been signs from property professionals that the market is picking up.

These have tended to be in terms of increasing sales at the lower end of the market, Ms Reeve observed, but, she remarked: "They were virtually all new-build and virtually all from investors and that is always a very good sign."

As well as buying new builds, some Florida property buyers will look for foreclosed bargains.

Figures from property research firm RealtyTrac showed that Miami had the ninth highest number of foreclosure filings of any urban area in the US in April.

The highest rate in the country was another Florida location, Cape Coral-Fort Myers.

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