Miami property investors may have to dig deeper

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The price of property in Miami has risen generally for the sixth consecutive month during May.

According to the most recent figures released from the Miami Association of Realtors, residential property prices in Miami have shot up yet again throughout May.

As a result, the cost of property in Miami is now much more costly when compared to the same time a year ago.

Martha Pomares, chairman of the Miami Association of Realtors, said: “Miami home prices have experienced double-digit appreciation consistently over the last six months.

“Strong demand for Miami properties continues to fuel this dramatic market strengthening that has yielded limited supply and will result in home prices increasing further.”

In Miami Dade Country in May, the average sales price for condominiums rose 23% to $310,454, while the average sales cost for a single family home increased by 9% to reach a high of $368,619.

Patricia Delinois, Miami Association of Realtors residential president, said: “While international buyers continue to play a major role in boosting the Miami real estate market, there is also great demand from local and migrating US buyers.”

“Population drives real estate, and Florida, one of the fastest growing states, is set to surpass New York in population by 2020 to become the third most populous state in the nation.”

International buyers have a stronger presence in the Miami real estate market as all cash sales in the U.S dropped in May to 28%.

Transfer Money to US

Are you looking to invest in America? If you are, it is a good idea to think carefully about how you will perform your international money transfer abroad. Foreign currency exchange rates quoted by banks are usually worse than the exchange rates available through specialist currency dealers.

So if you are sending money to the U.S.– which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.

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